9 Dec 2013
EUR/USD heading for 2008 peak?
FXstreet.com (Barcelona) - EUR/USD is in pursuit of higher levels despite Fed optimism in speeches today.
Representatives had said the odds of tapering bond purchases have risen along with gains in the labour market. Meanwhile, strategists at Commerzbank explained and reminded us that the EUR/USD had maintained upside pressure into the end of last week even in the face of strong NFP numbers. “It remains bid and has reached the 78.6% retracement at 1.3718. This is seen as the last defence for the 1.3833 recent peak. This together with 1.3940/60 (50% retracement of the move down from 2008 and the 5 year resistance line) offers formidable resistance and we look for failure here.”
EUR/USD Levels
The 20 DMA is 1.3538, the 50 DMA is 1.3575 and the 200 DMA is 1.3240. RSI (14) reads 66.30. Supports are ascending from 1.3613, 1.3666, 1.3682, 1.3699 and 1.3702. Spot is 1.3736 while resistances are 1.3747, 1.3758 and 1.3787.
Representatives had said the odds of tapering bond purchases have risen along with gains in the labour market. Meanwhile, strategists at Commerzbank explained and reminded us that the EUR/USD had maintained upside pressure into the end of last week even in the face of strong NFP numbers. “It remains bid and has reached the 78.6% retracement at 1.3718. This is seen as the last defence for the 1.3833 recent peak. This together with 1.3940/60 (50% retracement of the move down from 2008 and the 5 year resistance line) offers formidable resistance and we look for failure here.”
EUR/USD Levels
The 20 DMA is 1.3538, the 50 DMA is 1.3575 and the 200 DMA is 1.3240. RSI (14) reads 66.30. Supports are ascending from 1.3613, 1.3666, 1.3682, 1.3699 and 1.3702. Spot is 1.3736 while resistances are 1.3747, 1.3758 and 1.3787.