EUR/USD Outlook: September, 5 2013
FinFX | Sep 05, 2013 05:16AM ET
The single currency shows no significant changes compared to the previous sessions. With near-term price action being under pressure, as failure to sustain recovery above 1.32 handle this pushed the price lower. Hourly studies are losing traction, while 4-hour indicators hold in the negative territory that keeps the downside vulnerable. However, holding above 200 DMA at 1.3140 zone would keep hopes of fresh recovery attempt in play. Loss of the latter is expected to commence fresh leg lower and open 1.3100, 50% retracement of 1.2754/1.3450 and 1.3050, 16/07 low. Immediate resistance lay at 1.3200/17, while only an extension above the 1.3250/60 zone would provide relief.
Resistance: 1.3172; 1.3200; 1.3236; 1.3266
Support: 1.3156; 1.3136; 1.3100; 1.3066
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