29 Jul 2013
EUR/USD holding up after Thursday’s bullish candle – next stop 1.3417
FXstreet.com (Barcelona) - The EUR/USD is starting the week off hovering just above Thursday’s bullish close of 1.3277 and appears set to run the rest of the way up to major “correction resistance” at 1.3417. This week’s data flow may provide the energy needed for that last push higher.
EUR/USD likely to be pushed around by the flood of key data due out this week
The EUR/USD closed higher and sported a very bullish reversal candle Thursday on rumors that the Federal Reserve would keep its $85 billion monthly rate of its bond buying program in in place when they meet this coming Wednesday. In addition, traders will have to contend with other central bank decisions and a myriad of other economic data this week.
Technical outlook for EUR/USD
Technicians remain bullish of the EUR/USD in the short-term with an upside target of 1.3417. Very short-term resistance comes in at Fibonacci projections at 1.3321 and 1.3364. Short-term support comes in at Thursday’s low of 1.31649 and is followed by additional support at the 7/18 closing low of 1.3107.
EUR/USD likely to be pushed around by the flood of key data due out this week
The EUR/USD closed higher and sported a very bullish reversal candle Thursday on rumors that the Federal Reserve would keep its $85 billion monthly rate of its bond buying program in in place when they meet this coming Wednesday. In addition, traders will have to contend with other central bank decisions and a myriad of other economic data this week.
Technical outlook for EUR/USD
Technicians remain bullish of the EUR/USD in the short-term with an upside target of 1.3417. Very short-term resistance comes in at Fibonacci projections at 1.3321 and 1.3364. Short-term support comes in at Thursday’s low of 1.31649 and is followed by additional support at the 7/18 closing low of 1.3107.