11 Jul 2013
EUR/USD holding positively at its 55-day MA
FXstreet.com (New York) - The EUR/USD has been holding onto the a portion of its gains Thursday, refusing to fall back below the 1.3000 barrier during US trading.
At the time of writing, the EUR/USD is now operating at 1.3040, securing a healthy advance of +0.49% during US trading. In the short-term, the 1.3037 level continues to provide a tepid manner of resistance (50-day MA), followed by the 1.3061 level (200-day SMA).
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has reversed ahead of the 1.2740 level (2013 low) intraweek. Rallies have cleared the 1.3060/1.3103 resistance and in doing so have neutralized the immediate outlook. This is the location of the 55 and 200-day moving averages and the high from the June 28. With such an abrupt reversal being seen we can only assume some unfinished business on the topside. The Elliot wave count on the 60-minute chart is suggesting that a pullback to the 1.3055/10 will be seen prior to further strength.”
At the time of writing, the EUR/USD is now operating at 1.3040, securing a healthy advance of +0.49% during US trading. In the short-term, the 1.3037 level continues to provide a tepid manner of resistance (50-day MA), followed by the 1.3061 level (200-day SMA).
EUR/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has reversed ahead of the 1.2740 level (2013 low) intraweek. Rallies have cleared the 1.3060/1.3103 resistance and in doing so have neutralized the immediate outlook. This is the location of the 55 and 200-day moving averages and the high from the June 28. With such an abrupt reversal being seen we can only assume some unfinished business on the topside. The Elliot wave count on the 60-minute chart is suggesting that a pullback to the 1.3055/10 will be seen prior to further strength.”