1 Aug 2013
EUR/USD recovery attempt stalls in 1.3260 region
FXstreet.com (New York) - The EUR/USD foreign exchange rate sailed higher Thursday morning, eliminating a portion of its losses after an ECB-induced collapse that saw interest rates held at 0.5%.
Earlier today in the United States, Initial Jobless Claims (July 26) came in at 326k, beating estimates of 345k. Moreover, Continuing Jobless Claims (July 20) yielded a figure of 2.951M, against expectations of 2.994M. Finally, Markit Manufacturing PMI improved to 53.7, besting a projection of only 53.1.
EUR/USD strategic bias
Technically speaking, the EUR/USD is now operating at 1.3261, still incurring a fall of -0.33% despite the recent recovery. The Mataf.net analyst team calculates short-term supports for the EUR/USD at 1.3265, ahead of 1.3234, and 1.3207, calculates the Danske Research Team.
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has attempted to erode the 2013 resistance line at 1.3325 but has not succeeded in doing so, and has reacted lower. Directly overhead lies key resistance at 1.3360/1.3417. This is where the 2011-2013 downtrend, the 200-week MA and the June high meet and we look for it to hold the topside and provoke failure. Near-term further attempts at this resistance should be allowed for.”
Earlier today in the United States, Initial Jobless Claims (July 26) came in at 326k, beating estimates of 345k. Moreover, Continuing Jobless Claims (July 20) yielded a figure of 2.951M, against expectations of 2.994M. Finally, Markit Manufacturing PMI improved to 53.7, besting a projection of only 53.1.
EUR/USD strategic bias
Technically speaking, the EUR/USD is now operating at 1.3261, still incurring a fall of -0.33% despite the recent recovery. The Mataf.net analyst team calculates short-term supports for the EUR/USD at 1.3265, ahead of 1.3234, and 1.3207, calculates the Danske Research Team.
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has attempted to erode the 2013 resistance line at 1.3325 but has not succeeded in doing so, and has reacted lower. Directly overhead lies key resistance at 1.3360/1.3417. This is where the 2011-2013 downtrend, the 200-week MA and the June high meet and we look for it to hold the topside and provoke failure. Near-term further attempts at this resistance should be allowed for.”