7 Aug 2013
EUR/USD keeps pushing higher
FXstreet.com (Edinburgh) - The bloc currency is inching higher on Tuesday, lifting the EUR/USD to another test of weekly highs around 1.3330.
EUR/USD consolidating above 1.3300
The EUR rally is picking up pace in the European afternoon, bolstered by investors’ preference for riskier assets in detriment of the greenback, dragged to session lows – in terms of the Dollar index. According to weekly charts, Tim Riddell, Head of Global Markets Research at ANZ suggested, “Despite pockets of apparent impulsive price action, the broader profile remains that of a likely protracted consolidation pattern into year end. The near term show of strength could trigger an early push towards the upper bounds of the range, but the favoured profile is for failure in front of 1.35 and for an interim flush to define range support – beware bull-traps”.
EUR/USD levels to watch
At the moment the pair is up 0.0314 at 1.3324 and a breakout of 1.3345 (high Jul.31) would target 1.3417 (high Jun.19) en route to 1.3456 (high Feb.14). On the downside, the immediate support aligns at 1.3246 (low Aug.6) followed by 1.32233 (low Aug.5) and then 1.5200 (psychological level).
EUR/USD consolidating above 1.3300
The EUR rally is picking up pace in the European afternoon, bolstered by investors’ preference for riskier assets in detriment of the greenback, dragged to session lows – in terms of the Dollar index. According to weekly charts, Tim Riddell, Head of Global Markets Research at ANZ suggested, “Despite pockets of apparent impulsive price action, the broader profile remains that of a likely protracted consolidation pattern into year end. The near term show of strength could trigger an early push towards the upper bounds of the range, but the favoured profile is for failure in front of 1.35 and for an interim flush to define range support – beware bull-traps”.
EUR/USD levels to watch
At the moment the pair is up 0.0314 at 1.3324 and a breakout of 1.3345 (high Jul.31) would target 1.3417 (high Jun.19) en route to 1.3456 (high Feb.14). On the downside, the immediate support aligns at 1.3246 (low Aug.6) followed by 1.32233 (low Aug.5) and then 1.5200 (psychological level).