30 Jul 2013
EUR/USD posts a modest loss, hangs above 1.3252 support ahead of data
FXstreet.com (Barcelona) - The EUR/USD spent a quiet session Monday gently consolidating some of its recent gains. All that may change with market moving European data due out.
EUR/USD should move Tuesday as key CPI data is due out
Traders in EUR/USD will have CPI data from Germany and the EU to digest Tuesday morning with more data from the US due out later in the day. The cross enters the second session of the week still holding up above Friday’s low of 1.3252 and still sporting a short-term bullish chart according to technicians.
Technical outlook for EUR/USD
As noted above, 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 Friday’s high of 1.3296 and is backed up by Fibonacci projections at 1.3321 and 1.3364. Short-term support comes in at Friday’s low of 1.3252 and is followed up by additional support at the 7/18 closing low of 1.3107.
EUR/USD should move Tuesday as key CPI data is due out
Traders in EUR/USD will have CPI data from Germany and the EU to digest Tuesday morning with more data from the US due out later in the day. The cross enters the second session of the week still holding up above Friday’s low of 1.3252 and still sporting a short-term bullish chart according to technicians.
Technical outlook for EUR/USD
As noted above, 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 Friday’s high of 1.3296 and is backed up by Fibonacci projections at 1.3321 and 1.3364. Short-term support comes in at Friday’s low of 1.3252 and is followed up by additional support at the 7/18 closing low of 1.3107.