6 Dec 2013
EUR/USD hits 1.3700
FXstreet.com (Córdoba) - The EUR/USD is on track to close the week on a strong note as the NFP-driven losses were short-lived and the subsequent bounce led the pair to a fresh 5-week high.
The EUR/USD rallied from the 1.3620 support zone to a peak of 1.3700 during the New York session, but failed to break decisively above that level. At time of writing, the EUR/USD is trading at the 1.3690 region, recording a 0.2% gain on the day and posting its fourth weekly advance in a row.
EUR/USD levels to watch
From a technical perspective, "Technically bulls prevail now aligned around mentioned Fibonacci support, with the 1.3700 area as immediate resistance: a break above it should lead to a retest of the 1.3831 high posted this year", says Valeria Bednarik, chief analyst at FXstreet.com. "On the other hand, bears are quite far from taking control, as dips are still seen as buying opportunities, with levels to watch at 1.3625, 1.3550 and the 1.3490 price zone".
The EUR/USD rallied from the 1.3620 support zone to a peak of 1.3700 during the New York session, but failed to break decisively above that level. At time of writing, the EUR/USD is trading at the 1.3690 region, recording a 0.2% gain on the day and posting its fourth weekly advance in a row.
EUR/USD levels to watch
From a technical perspective, "Technically bulls prevail now aligned around mentioned Fibonacci support, with the 1.3700 area as immediate resistance: a break above it should lead to a retest of the 1.3831 high posted this year", says Valeria Bednarik, chief analyst at FXstreet.com. "On the other hand, bears are quite far from taking control, as dips are still seen as buying opportunities, with levels to watch at 1.3625, 1.3550 and the 1.3490 price zone".