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21 Jun 2013
EUR/USD clings to narrow consolidation
FXstreet.com (New York) - The EUR/USD technical pair has been relegated to sideways trading during the European session Friday, unable to break out of this narrow range.
EUR/USD eyes 50 and 200-day MA
“The EUR/USD has backed away from 1.3440/52, the 200-week MA/the 2011-2013 resistance line. Ultimately, this is key resistance and we are at last seeing signs of failure. Initial support at 1.3177 has been eroded (but not on a closing basis), however to really get attention diverted to support the 55 and 200-day moving average at 1.3080/74.” warns Karen Jones, an analyst at Commerzbank.
Technically speaking, the pair is operating at 1.3224, or just +0.03% in these moments. The EUR/USD will look towards resistances at 1.3286 followed by 1.3352, and finally 1.3415. Alternatively, a movement to the downside and a paring of gains will usher in supports at 1.3157, then 1.3094, and eventually 1.3024, calculates the Mataf.net analyst team.
EUR/USD eyes 50 and 200-day MA
“The EUR/USD has backed away from 1.3440/52, the 200-week MA/the 2011-2013 resistance line. Ultimately, this is key resistance and we are at last seeing signs of failure. Initial support at 1.3177 has been eroded (but not on a closing basis), however to really get attention diverted to support the 55 and 200-day moving average at 1.3080/74.” warns Karen Jones, an analyst at Commerzbank.
Technically speaking, the pair is operating at 1.3224, or just +0.03% in these moments. The EUR/USD will look towards resistances at 1.3286 followed by 1.3352, and finally 1.3415. Alternatively, a movement to the downside and a paring of gains will usher in supports at 1.3157, then 1.3094, and eventually 1.3024, calculates the Mataf.net analyst team.