9 Aug 2013
EUR/USD stalls at forged based 1.3375
FXstreet.com (Chicago) - EUR/USD has peaked 0.37% on Thursday following a new 7-week high at 1.34 before retracing towards 1.3378, current price.
Price action indicated base formation around 1.3376 zone after short-lived retracement from daily highs. The euro strengthened against the greenback throughout the day to reach 7-week highs and sustain higher levels of performance.
The main catalyst for the USD weakness was downbeat jobs market data published in the US with increasing results for continuing jobless claims. The pair is considered slightly bullish on one-hour timeframe analysis with declining volumes potentially due to end of trading session. CCI and Momentum indicators pointed up and supports were aligned at 1.3376 (June 14th highs), 1.3355 June 18th highs) ahead of 1.3341 (June 19th lows) with resistances at 1.3400 (January 7th highs), 1.3416 (June 24th highs) followed by 1.3436 (February 17th highs).
Price action indicated base formation around 1.3376 zone after short-lived retracement from daily highs. The euro strengthened against the greenback throughout the day to reach 7-week highs and sustain higher levels of performance.
The main catalyst for the USD weakness was downbeat jobs market data published in the US with increasing results for continuing jobless claims. The pair is considered slightly bullish on one-hour timeframe analysis with declining volumes potentially due to end of trading session. CCI and Momentum indicators pointed up and supports were aligned at 1.3376 (June 14th highs), 1.3355 June 18th highs) ahead of 1.3341 (June 19th lows) with resistances at 1.3400 (January 7th highs), 1.3416 (June 24th highs) followed by 1.3436 (February 17th highs).