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12 Aug 2013
EUR/USD challenging 1.3300
FXstreet.com (Edinburgh) -Increased selling pressure around the bloc currency post-European open is dragging the EUR/USD to test fresh lows near 1.3300 on Monday.
EUR/USD downside accelerates
The pair is putting the critical support at 1.3300 to the test, as the selling interest intensifies at the beginning of the week. There is not much happening data-wise this week, although the German ZEW Survey, US Retail Sales and consumer prices will grab all the attention. In the opinion of Westpac Global Strategy Group, “A year ago the ECB was working on the OMT; this Aug looks more relaxing, even if plenty of dangers remain in the autumn. The 1.3400 target we mentioned last week remains the initial focus, with 1.35 not out of reach. Our multi-week bias is to sell this rally but this week seems too soon”.
EUR/USD relevant levels
As of writing the pair is losing 0.10% at 1.3306 and a breakdown of 1.3266 (low Aug.7) would open the door to 1.3246 (low Aug.6) and then 1.3233 (low Aug.5). On the upside, the initial resistance aligns at 1.3401 (high Aug.8) ahead of 1.3417 (high Jun.19) and finally 1.3456 (high Feb.14).
EUR/USD downside accelerates
The pair is putting the critical support at 1.3300 to the test, as the selling interest intensifies at the beginning of the week. There is not much happening data-wise this week, although the German ZEW Survey, US Retail Sales and consumer prices will grab all the attention. In the opinion of Westpac Global Strategy Group, “A year ago the ECB was working on the OMT; this Aug looks more relaxing, even if plenty of dangers remain in the autumn. The 1.3400 target we mentioned last week remains the initial focus, with 1.35 not out of reach. Our multi-week bias is to sell this rally but this week seems too soon”.
EUR/USD relevant levels
As of writing the pair is losing 0.10% at 1.3306 and a breakdown of 1.3266 (low Aug.7) would open the door to 1.3246 (low Aug.6) and then 1.3233 (low Aug.5). On the upside, the initial resistance aligns at 1.3401 (high Aug.8) ahead of 1.3417 (high Jun.19) and finally 1.3456 (high Feb.14).