27 Jun 2013
EUR/USD back around 1.3040
Fxstreet.com (Edinburgh) - Choppy session for the shared currency on Thursday, now driving the EUR/USD back to the comfort zone around 1.3040 after an ephemeral rebound to the vicinity of 1.3060.
EUR/USD focused on the EcoFin meeting
The EU finance ministers will conclude their gathering tomorrow. Market participants will be paying close attention to further announcements, mainly those in line with banks bail-ins as well as any hint of progress regarding the banking union. In light of the recent drop of the par, Christopher Vecchio, Currency Analyst at DailyFX, commented “With a Head & Shoulders topping pattern prevalent on the daily chart going back to September 2012, a break of the neckline at 1.2740 would have longer-term bearish implications (six- to nine-months) for a move towards the June 2010 low near 1.1875”.
EUR/USD critical levels
At the moment the pair is up 0.19% at 1.3037 with the next resistance levels located at 1.3073 (MA200d) followed by 1.3087 (high Jun.26) and finally 1.3100 (psychological level). On the downside, a break below 1.2991 (Cloud top) would expose 1.2985 (low Jun.26) ahead of 1.2956 (low Jun.3).
EUR/USD focused on the EcoFin meeting
The EU finance ministers will conclude their gathering tomorrow. Market participants will be paying close attention to further announcements, mainly those in line with banks bail-ins as well as any hint of progress regarding the banking union. In light of the recent drop of the par, Christopher Vecchio, Currency Analyst at DailyFX, commented “With a Head & Shoulders topping pattern prevalent on the daily chart going back to September 2012, a break of the neckline at 1.2740 would have longer-term bearish implications (six- to nine-months) for a move towards the June 2010 low near 1.1875”.
EUR/USD critical levels
At the moment the pair is up 0.19% at 1.3037 with the next resistance levels located at 1.3073 (MA200d) followed by 1.3087 (high Jun.26) and finally 1.3100 (psychological level). On the downside, a break below 1.2991 (Cloud top) would expose 1.2985 (low Jun.26) ahead of 1.2956 (low Jun.3).