23 Aug 2013
EUR/USD makes a high at 1.3371
FXstreet.com (Barcelona) - EUR/USD rose from below 1.3300 handle yesterday and found 1.3370 territory a tough resistance in NA, and the pair is testing this level again currently. Fading is likely to be the name of the game.
EUR/USD has been supported this morning in European markets with German GDP QoQ for Q2 that arrived at 0.7% and in line with expectations while else where, the dollar has been offered due to improvements in the UK economy again, aiding a rise in the pair. There is little left of the calendar for the pair today other than for the US data this afternoon in New Home Sales. Some analysts expect new home sales to fall by -2.8% M/M in July (mkt -2.0%), giving back some of the big 8.3% increase from the month before.
EUR/USD top formed
Senior Analyst, Axel Rudolph at Commerzbank said, “We do not favour such a strong rise, though, and believe that the currency pair is already topping out”. The 20 DMA is 1.3312, the 50 DMA is 1.3185 and the 200 DMA is 1.3131. RSI ( 14) reads 56.47 while supports are ascending from 1.3206, 1.3260, 1.3293, 1.3326, 1.3347. Spot is 1.3361 currently and resistances are 1.3398, 1.3414, 1.3427 and 1.3438.
EUR/USD has been supported this morning in European markets with German GDP QoQ for Q2 that arrived at 0.7% and in line with expectations while else where, the dollar has been offered due to improvements in the UK economy again, aiding a rise in the pair. There is little left of the calendar for the pair today other than for the US data this afternoon in New Home Sales. Some analysts expect new home sales to fall by -2.8% M/M in July (mkt -2.0%), giving back some of the big 8.3% increase from the month before.
EUR/USD top formed
Senior Analyst, Axel Rudolph at Commerzbank said, “We do not favour such a strong rise, though, and believe that the currency pair is already topping out”. The 20 DMA is 1.3312, the 50 DMA is 1.3185 and the 200 DMA is 1.3131. RSI ( 14) reads 56.47 while supports are ascending from 1.3206, 1.3260, 1.3293, 1.3326, 1.3347. Spot is 1.3361 currently and resistances are 1.3398, 1.3414, 1.3427 and 1.3438.