7 Aug 2013
EUR/USD eliminates gains, tumbles back to 1.3300
FXstreet.com (New York) - The EUR/USD foreign exchange rate recently peaked at 1.3317 (session high) Wednesday during Asian trading, though this proved to be the furthest the pair could reach, thereby triggering a selloff back towards 1.3300.
According to Jim Langlands at FX Charts, “Technically, the EUR/USD, having taken out the sellers at 1.3300, is now pushing on to the descending trend resistance, currently at 1.3350. A break of this would see a run towards 1.3405 (200- week MA) and then the 1.3415 (19th June high). Further offers would arrive at 1.3430 (100-month MA) and thus the 1.3400/30 area should be pretty strong at first attempt.
EUR/USD technical levels
The EUR/USD is now trading at just 1.3298 at the time of writing, incurring a fall of -0.05% Wednesday. At this juncture, the EUR/USD remains fortified by support at 1.3297 (55-day MA), ahead of 1.3275 (200-day SMA), 1.3248 (August 6 low).
According to Jim Langlands at FX Charts, “Technically, the EUR/USD, having taken out the sellers at 1.3300, is now pushing on to the descending trend resistance, currently at 1.3350. A break of this would see a run towards 1.3405 (200- week MA) and then the 1.3415 (19th June high). Further offers would arrive at 1.3430 (100-month MA) and thus the 1.3400/30 area should be pretty strong at first attempt.
EUR/USD technical levels
The EUR/USD is now trading at just 1.3298 at the time of writing, incurring a fall of -0.05% Wednesday. At this juncture, the EUR/USD remains fortified by support at 1.3297 (55-day MA), ahead of 1.3275 (200-day SMA), 1.3248 (August 6 low).