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14 May 2013
Forex: EUR/USD upside capped around 1.3000
FXstreet.com (Barcelona) - The single currency returned to the area of 1.2975/80 after another unsuccessful attempt to follow through the key resistance at 1.3000 on Tuesday, as the risk-off tone continues to prevail amongst investors.
“The near term direction for EUR/USD may not rely on European developments and could come down to what happens with the US data trends in the coming days. The focus for the pair has clearly shifted to the downside now, and on a potential break below the mid-1.29 area”, assessed S.Osborne and G.Moore, FX Strategists at TD Securities.
At the moment, the pair is retreating 0.03% at 1.2970 and a breach of 1.2936 (61.8% of 1.2747-1.3243) would expose 1.2935 (low May 10) and then 1.2850 (76.4% of Apr. range).
On the flip side, resistance levels align at 1.3051 (high May 10) would open the door to 1.3065 (MA21d) and finally 1.3148 (MA100d).
“The near term direction for EUR/USD may not rely on European developments and could come down to what happens with the US data trends in the coming days. The focus for the pair has clearly shifted to the downside now, and on a potential break below the mid-1.29 area”, assessed S.Osborne and G.Moore, FX Strategists at TD Securities.
At the moment, the pair is retreating 0.03% at 1.2970 and a breach of 1.2936 (61.8% of 1.2747-1.3243) would expose 1.2935 (low May 10) and then 1.2850 (76.4% of Apr. range).
On the flip side, resistance levels align at 1.3051 (high May 10) would open the door to 1.3065 (MA21d) and finally 1.3148 (MA100d).