30 Jul 2013
EUR/USD bounces off lows
FXstreet.com (New York) - The EUR/USD foreign exchange rate dug itself out of the depths of 1.3234 (intraday low) Tuesday morning during US trading, having pared the majority of its daily losses.
Earlier today in Germany, the Consumer Price Index (YoY) came in at +1.9% in July, against expectations of +1.8%. Moreover, the Harmonized Index of Consumer Prices (YoY) yielded +1.9% in July, vs. estimates of +1.8%.
EUR/USD event risk
In these moments, the EUR/USD has now settled at just -0.05% off its opening, now operating in the area of 1.3255. Technically speaking, the EUR/USD remains fortified by supports at 1.3234, ahead of 1.3208, and finally 1.3178, notes the Danske Research Team.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has failed on its last 3 attempts to tackle resistance above 1.3300. Directly above here lies the 2013 resistance line at 1.3331 and the key resistance at 1.3360/1.3417. This is where the 2011-2013 downtrend, the 200-week MA and the June high meet and we look for it to hold the topside and provoke failure. We note the 13 count on the 240 minute chart and this offers additional resistance at 1.3325.We continue to favor failure and a slide sub 1.3000.”
Earlier today in Germany, the Consumer Price Index (YoY) came in at +1.9% in July, against expectations of +1.8%. Moreover, the Harmonized Index of Consumer Prices (YoY) yielded +1.9% in July, vs. estimates of +1.8%.
EUR/USD event risk
In these moments, the EUR/USD has now settled at just -0.05% off its opening, now operating in the area of 1.3255. Technically speaking, the EUR/USD remains fortified by supports at 1.3234, ahead of 1.3208, and finally 1.3178, notes the Danske Research Team.
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has failed on its last 3 attempts to tackle resistance above 1.3300. Directly above here lies the 2013 resistance line at 1.3331 and the key resistance at 1.3360/1.3417. This is where the 2011-2013 downtrend, the 200-week MA and the June high meet and we look for it to hold the topside and provoke failure. We note the 13 count on the 240 minute chart and this offers additional resistance at 1.3325.We continue to favor failure and a slide sub 1.3000.”