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26 Aug 2013
EUR/USD cannot overtake 1.3400, but for how long?
FXstreet.com (New York) - The EUR/USD foreign exchange rate has pointed lower Friday, unable to shake a bout of negativity that has gripped the pair during US trading, driving it towards key support.
EUR/USD strategic bias
According to Axel Rudolph, an analyst at Commerzbank, “The negative divergence seen between the daily RSI and the EUR/USD current August high at 1.3453 points to a top being formed. Confirmation of this would be a drop through the steep two-month support line at 1.3324 and a fall through last week’s 1.3298 low. Only a drop through the next lower 1.3208/1.3188 support area will mean that a significant top has indeed been made.”
EUR/USD technical levels
The EUR/USD is trading within a few pips of its intraday highs (1.3395), and following the recent impetus from US data Monday, has now settled at 1.3386, en route to a marginal gain of +0.01%. In terms of the technical levels, the EUR/USD will look to test resistance at 1.3402, a break of which will open up 1.3420, and 1.3453, the Mataf.net analyst team.
In the United States, Durable Goods Orders (July) fell -7.3%, missing estimates of -3.0%. Meanwhile, Durable Goods Orders ex Transportation (July) yielded a figure of -0.6%, compared to a projection of +0.6%.
EUR/USD strategic bias
According to Axel Rudolph, an analyst at Commerzbank, “The negative divergence seen between the daily RSI and the EUR/USD current August high at 1.3453 points to a top being formed. Confirmation of this would be a drop through the steep two-month support line at 1.3324 and a fall through last week’s 1.3298 low. Only a drop through the next lower 1.3208/1.3188 support area will mean that a significant top has indeed been made.”
EUR/USD technical levels
The EUR/USD is trading within a few pips of its intraday highs (1.3395), and following the recent impetus from US data Monday, has now settled at 1.3386, en route to a marginal gain of +0.01%. In terms of the technical levels, the EUR/USD will look to test resistance at 1.3402, a break of which will open up 1.3420, and 1.3453, the Mataf.net analyst team.
In the United States, Durable Goods Orders (July) fell -7.3%, missing estimates of -3.0%. Meanwhile, Durable Goods Orders ex Transportation (July) yielded a figure of -0.6%, compared to a projection of +0.6%.