22 Jul 2013
EUR/USD testing up through 1.3200
FXstreet.com (London) - EUR/USD is testing through 1.3200 handle on the release of yet further disappointments in the US data today.
Earlier we had a disappointing number in Chicago Fed National Activity Index (Jun) that printed negatively for the dollar at -0.1 against a previous -0.3 and consensus 0.0. Moments ago we saw Existing Home Sales Change MoM June print -1.2 vrs 0.5% consensus and only 5.08m vrs 5.26m consensus existing home sales. At this moment in writing, the pair is picking up some pace on the bid into the teens on a 1.32 handle.
EUR/USD breaking resistance
1.3208 marked previous high and now next key target that lies ahead is the 78.6% Fibonacci retracement at 1.3275 that could prove a touch not to crack. Before then, a 1.32/40/55 play and closes there would set up the aforementioned fib retracement. Buying opportunities still may come in at 1.2985/40 support band before the pair might re-target the 1.2755/40 recent low and April low. Key resistances that are containing the downside are at 1.3373/1.3415, June high and 200d ma.
Earlier we had a disappointing number in Chicago Fed National Activity Index (Jun) that printed negatively for the dollar at -0.1 against a previous -0.3 and consensus 0.0. Moments ago we saw Existing Home Sales Change MoM June print -1.2 vrs 0.5% consensus and only 5.08m vrs 5.26m consensus existing home sales. At this moment in writing, the pair is picking up some pace on the bid into the teens on a 1.32 handle.
EUR/USD breaking resistance
1.3208 marked previous high and now next key target that lies ahead is the 78.6% Fibonacci retracement at 1.3275 that could prove a touch not to crack. Before then, a 1.32/40/55 play and closes there would set up the aforementioned fib retracement. Buying opportunities still may come in at 1.2985/40 support band before the pair might re-target the 1.2755/40 recent low and April low. Key resistances that are containing the downside are at 1.3373/1.3415, June high and 200d ma.