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12 Aug 2013
EUR/USD, bracing for retracement?
FXstreet.com (Chicago) - EUR/USD was pulled down by a stronger dollar reaching 1.3324, just shy of 1.3320 session low and having retreated from offers at 1.3340.
Japanese stocks fell to 7-week lows with the GDP blow off at 2.6% vs. estimates at 3.6%. The bearish sentiment spread fast across market participants who did not hesitate to pull back risk exposure as the economy seems to expand with slower velocity. The euro pockets 0.02% losses for the day with no major official data being released later on in the European Union.
Technically speaking, the pair trades at 1.3325 between supports at 1.3311 (August 6th highs), 1.3298 (August 5th highs), 1.3286 (August 1st highs) and close to first resistance at 1.3325 (June 18th lows) followed by 1.3335 (June 10th lows) and 1.3341 (July 31st highs). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis.
Japanese stocks fell to 7-week lows with the GDP blow off at 2.6% vs. estimates at 3.6%. The bearish sentiment spread fast across market participants who did not hesitate to pull back risk exposure as the economy seems to expand with slower velocity. The euro pockets 0.02% losses for the day with no major official data being released later on in the European Union.
Technically speaking, the pair trades at 1.3325 between supports at 1.3311 (August 6th highs), 1.3298 (August 5th highs), 1.3286 (August 1st highs) and close to first resistance at 1.3325 (June 18th lows) followed by 1.3335 (June 10th lows) and 1.3341 (July 31st highs). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis.