22 Aug 2013
EUR/USD recovery falters at 1.3350
FXstreet.com (Córdoba) - The EUR/USD recovery attempt that followed another string of below-expectations US data, turned out to be short-lived.
Even though EUR/USD managed to bounce from below 1.3300 and jumped toward the 1.3350 area following US jobless claims data, the pair lacked momentum to break above that level and pulled back. At time of writing, EUR/USD is trading at the 1.3330 area, where it is 0.2% below its opening price.
EUR/USD needs to regain 1.3360
“Stocks and commodities are on recovery mood today, and the EUR/USD aims to follow, still maintaining the bearish tone according to the hourly chart”, says Valeria Bednarik, chief analyst at FXstreet.com. “A key resistance level is located at 1.3360, a short term descendant trend line and unless a recovery above it, the downside remains favored”.
Even though EUR/USD managed to bounce from below 1.3300 and jumped toward the 1.3350 area following US jobless claims data, the pair lacked momentum to break above that level and pulled back. At time of writing, EUR/USD is trading at the 1.3330 area, where it is 0.2% below its opening price.
EUR/USD needs to regain 1.3360
“Stocks and commodities are on recovery mood today, and the EUR/USD aims to follow, still maintaining the bearish tone according to the hourly chart”, says Valeria Bednarik, chief analyst at FXstreet.com. “A key resistance level is located at 1.3360, a short term descendant trend line and unless a recovery above it, the downside remains favored”.