19 Jul 2013
EUR/USD knocking on the door of short-term break above 1.3205
FXstreet.com (Barcelona) - At 06:00 GMT, Germany’s Producer Price Index is due out and there are some other minor releases due out from other EU countries throughout the morning. Aside from that, the action in other asset classes like stocks and bonds may end up driving the trading action in EUR/USD as we head into the weekend.
At 1.31386 early Friday morning, EUR/USD is trading like it wants to rally, but it has more work to do to open up significant short-term upside potential. A break above 1.3205 may open up another 2000 pips of upside according to technicians.
EUR/USD can rally to 1.34168 and still be in a bearish pattern according to analysts:
Even if a short-term breakout does occur, technical analysts say that major resistance comes into play at 1.3417. Many technicians are calling for the EUR/USD to eventually fall to 1.2500 and lower. Only a close above 1.3417 will have these bearish technicians changing their tune. Initial support for EUR/USD comes in at 1.29925 – the July 15th intraday low. The key short-term resistance for EUR/USD comes in at the July 11th intraday high at 1.3205.
At 1.31386 early Friday morning, EUR/USD is trading like it wants to rally, but it has more work to do to open up significant short-term upside potential. A break above 1.3205 may open up another 2000 pips of upside according to technicians.
EUR/USD can rally to 1.34168 and still be in a bearish pattern according to analysts:
Even if a short-term breakout does occur, technical analysts say that major resistance comes into play at 1.3417. Many technicians are calling for the EUR/USD to eventually fall to 1.2500 and lower. Only a close above 1.3417 will have these bearish technicians changing their tune. Initial support for EUR/USD comes in at 1.29925 – the July 15th intraday low. The key short-term resistance for EUR/USD comes in at the July 11th intraday high at 1.3205.