18 Jul 2013
EUR/USD keeps the red around 1.3110
FXstreet.com (Edinburgh) -The shared currency shows no signs of life on Thursday, with the EUR/USD anchored within 20-pips range ahead of the US docket due later.
EUR/USD supported by 200-day ma
Recent dips in the pair found solid support around the key area of 1.3080, where sits the 200-day moving average. The Phily Fed manufacturing survey and Initial Claims are due later, and stronger-than-expected results can add downside pressure to the euro and thus prompt traders to test the key area of 1.3080/75. In light of the recent Current Account surplus in the euro area, Strategist Jane Foley at Rabobank commented “The combination of the healthy current account surplus with the tangible reduction in fears over potential EMU collapse are bolstering the EUR despite recession in the region and the intermittent fears of more ECB policy easing. This suggests that the EUR is unlikely to yield ground to the USD too easily in the months ahead”.
EUR/USD levels to watch
At the moment the pair is retreating 0.10% at 1.3111 with the next support at 1.3078 (MA200d) followed by 1.3051 (low Jul.16) and finally 1.3036 (MA21d). On the upside, a break above 1.3179 (high Jul.17) would expose 1.3208 (high Jul.11) and then 1.3255 (high Jun.21).
EUR/USD supported by 200-day ma
Recent dips in the pair found solid support around the key area of 1.3080, where sits the 200-day moving average. The Phily Fed manufacturing survey and Initial Claims are due later, and stronger-than-expected results can add downside pressure to the euro and thus prompt traders to test the key area of 1.3080/75. In light of the recent Current Account surplus in the euro area, Strategist Jane Foley at Rabobank commented “The combination of the healthy current account surplus with the tangible reduction in fears over potential EMU collapse are bolstering the EUR despite recession in the region and the intermittent fears of more ECB policy easing. This suggests that the EUR is unlikely to yield ground to the USD too easily in the months ahead”.
EUR/USD levels to watch
At the moment the pair is retreating 0.10% at 1.3111 with the next support at 1.3078 (MA200d) followed by 1.3051 (low Jul.16) and finally 1.3036 (MA21d). On the upside, a break above 1.3179 (high Jul.17) would expose 1.3208 (high Jul.11) and then 1.3255 (high Jun.21).