EUR/USD Outlook: September, 4 2013
FinFX | Sep 04, 2013 04:21AM ET
The euro remains under pressure and extends fresh weakness below important 1.3200/1.3180 support zone. The price tested 200D MA at 1.3136 with the psychological 1.3100 suppor. ,Also, 50% of 1.2754/1.3450 being in near-term focus. Negative near-term studies, along with daily indicators entering negative territory, see scope for further downside with break below 1.3100. expected to open at 1.3050, 16/07 low, and 1.3020 with a Fibonacci of 61.8% retracement. Previous supports at 1.3180/1.3200 now act as initial resistances, with the latter being reinforced by descending 20 DMA. A further upside would face the Fibonacci barriers at 1.3236 and 1.3266, with 38.2% and 50% retracement of 1.3397/1.3136, and ahead of 1.3300. Along with a round figure resistance and a Fibonacci of 61.8%, where stronger rallies should be capped.
Resistance: 1.3172; 1.3200; 1.3236; 1.3266
Support: 1.3136; 1.3100; 1.3066; 1.3050
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