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18 Jun 2013
EUR/USD continues to pare losses
FXstreet.com (New York) - The EUR/USD bottomed out in the 1.3325 region earlier today, only to receive a strong impetus that culminated in a rapid recovery during US trading.
EUR/USD springs back
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD charted an almost replica session to leave a positive outlook unchanged. Last week the market came close to the mid-January high at 1.3404. Directly overhead lies 1.3440/52, the 200-week MA and the 2011-2013 resistance line. This is key resistance and we look for this to hold and provoke failure.”
Following a surge during US trading, the EUR/USD has pared its losses to 1.3353, or just -0.10% at the time of writing. “Any downside will be limited as the EUR/USD bull trend is intact. Support is at 1.3259 ahead of 1.3163. Resistance is at 1.3390 ahead of 1.3520 – support is at 1.3266” notes Gareth Berry, a Research Analyst at US.
EUR/USD springs back
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD charted an almost replica session to leave a positive outlook unchanged. Last week the market came close to the mid-January high at 1.3404. Directly overhead lies 1.3440/52, the 200-week MA and the 2011-2013 resistance line. This is key resistance and we look for this to hold and provoke failure.”
Following a surge during US trading, the EUR/USD has pared its losses to 1.3353, or just -0.10% at the time of writing. “Any downside will be limited as the EUR/USD bull trend is intact. Support is at 1.3259 ahead of 1.3163. Resistance is at 1.3390 ahead of 1.3520 – support is at 1.3266” notes Gareth Berry, a Research Analyst at US.