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18 Oct 2013
EUR/USD pierces 1.3700
FXstreet.com (Edinburgh) -The EUR/USD finally managed to advance beyond the critical 1.3700 handle on Friday, with 2013 peaks now at shouting distance.
EUR/USD ready for new highs
The selling pressure around the greenback is intensifying today, pushing the euro and the rest of the risk-associated peers to higher levels. The data vacuum in both US and the euro area is leaving the pair to the mercy of the swelling risk appetite, while markets seems to be ready for fresh 2013 highs. Camilla Sutton, Chief Strategist at Scotiabank argued the technical studies remain mixed, “and increasingly bullish as the MACD flirts with a bullish cross; the 9-day has already broken above the 21-day and spot is testing ytd level. We would not fight the current near-term upside momentum”.
EUR/USD critical levels
At the moment the pair is advancing 0.13% at 1.3694 with the next resistance at 1.3711 (2013 high Feb.1) followed by the psychological level at 1.3800 and then 1.3815 (high Nov.14 2011). On the downside, a breach of 1.3660 (low Oct.8) would target 1.3573 (MA10d) and then 1.3516 (low Oct.17).
EUR/USD ready for new highs
The selling pressure around the greenback is intensifying today, pushing the euro and the rest of the risk-associated peers to higher levels. The data vacuum in both US and the euro area is leaving the pair to the mercy of the swelling risk appetite, while markets seems to be ready for fresh 2013 highs. Camilla Sutton, Chief Strategist at Scotiabank argued the technical studies remain mixed, “and increasingly bullish as the MACD flirts with a bullish cross; the 9-day has already broken above the 21-day and spot is testing ytd level. We would not fight the current near-term upside momentum”.
EUR/USD critical levels
At the moment the pair is advancing 0.13% at 1.3694 with the next resistance at 1.3711 (2013 high Feb.1) followed by the psychological level at 1.3800 and then 1.3815 (high Nov.14 2011). On the downside, a breach of 1.3660 (low Oct.8) would target 1.3573 (MA10d) and then 1.3516 (low Oct.17).