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10 Sep 2013
EUR/USD testing lows sub-1.3250
FXstreet.com (Edinburgh) -The selling interest seems to have a firmer grip now, dragging the EUR/USD to test fresh intraday lows in the vicinity of 1.3240.
EUR/USD retracing gains
The pair failed to extend the rally beyond 1.3280 on Monday, allowing for some weakness afterwards as market participants continues to digest the upbeat data from the Chinese economy. Camilla Sutton, Chief Strategist at Scotiabak argued the technical studies remains bearish in the short term, adding, “all signals suggest there is further EUR downside ahead and spot has yet to break above Thursday’s high of 1.3223, suggesting momentum is stalling. Support lies at Friday’s low of 1.3105. We favour short positions.
EUR/USD significant levels
As of writing the pair is losing 0.07% at 1.3247 with the next support at 1.3217 (MA10d) ahead of 1.3157 (low Sep.9) and finally 1.3104 (50% of 1.2755-1.3453). On the upside, a break above 1.3281 (high Sep.9) would aim for 1.3289 (MA30d) and then 1.3298 (low Aug.22).
EUR/USD retracing gains
The pair failed to extend the rally beyond 1.3280 on Monday, allowing for some weakness afterwards as market participants continues to digest the upbeat data from the Chinese economy. Camilla Sutton, Chief Strategist at Scotiabak argued the technical studies remains bearish in the short term, adding, “all signals suggest there is further EUR downside ahead and spot has yet to break above Thursday’s high of 1.3223, suggesting momentum is stalling. Support lies at Friday’s low of 1.3105. We favour short positions.
EUR/USD significant levels
As of writing the pair is losing 0.07% at 1.3247 with the next support at 1.3217 (MA10d) ahead of 1.3157 (low Sep.9) and finally 1.3104 (50% of 1.2755-1.3453). On the upside, a break above 1.3281 (high Sep.9) would aim for 1.3289 (MA30d) and then 1.3298 (low Aug.22).