2 Sep 2013
EUR/USD operating at critical support, 1.2900 retracement eyed?
FXstreet.com (Lisbon) - The EUR/USD foreign exchange rate has been trading precariously thus far during European trading, tepidly clinging to narrow gains despite an overarching sense of pressure that threatens to engulf it.
Monday will be relatively thin by way of the datwires, however within the hour EMU Markit Manufacturing PMI will be one of the key events in the session. The United States has off given the observance of the Labor day holiday, which should foster a muted session later on.
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/USD came under increasing downside pressure all week and starts this week sitting on support at 1.3205/1.3186 (38.2% retracement of the move from July). Failure here will confirm the top and leave the market under pressure to sell off further to 1.3020, 1.2904 (these are the 61.8% and the 78.6% retracements of the move up from July).”
EUR/USD technical levels
The EUR/USD is presently residing in positive territory Monday, albeit at a +0.02% gain, which places it near the 1.3217 mark. In terms of the technical levels, the EUR/USD remains fortified by support at 1.3205, a break of which will open up 1.3166, and 1.3126, calculated the Mataf.net analyst team.
Monday will be relatively thin by way of the datwires, however within the hour EMU Markit Manufacturing PMI will be one of the key events in the session. The United States has off given the observance of the Labor day holiday, which should foster a muted session later on.
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/USD came under increasing downside pressure all week and starts this week sitting on support at 1.3205/1.3186 (38.2% retracement of the move from July). Failure here will confirm the top and leave the market under pressure to sell off further to 1.3020, 1.2904 (these are the 61.8% and the 78.6% retracements of the move up from July).”
EUR/USD technical levels
The EUR/USD is presently residing in positive territory Monday, albeit at a +0.02% gain, which places it near the 1.3217 mark. In terms of the technical levels, the EUR/USD remains fortified by support at 1.3205, a break of which will open up 1.3166, and 1.3126, calculated the Mataf.net analyst team.