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13 Aug 2013
EUR/USD keeps falling, 1.3200 on sight
FXstreet.com (Edinburgh) -The selling interest surrounding the shared currency is sharpening on Tuesday, dragging the EUR/USD to fresh weekly lows around 1.3230.
EUR/USD in 2-week lows
Mixed results from US retail sales during July boosted the greenback, accelerating the pair’s decline to the vicinity of 1.3230 and challenging 2-week lows at the same time. Analysts at TD Securities commented, “We’ve remained bearish on EUR with the failure to cleanly break above 1.34, and the fact that stronger German survey data last night was not able to boost the Single currency is a sign that the market is really focused on the US side of the equation right now. Overall we’re still biased towards a lower EUR in the coming weeks and months”.
EUR/USD levels to watch
At the moment the pair is down 0.43% at 1.3242 and a breakdown of 1.3200 (psychological level) would open the door to 1.3188 (low Aug.2) and finally 1.3166 (low Jul.25). On the upside, resistance levels line up at 1.3391 (high Aug.9) followed by 1.3401 (high Aug.8) and then 1.3417 (high Jun.19).
EUR/USD in 2-week lows
Mixed results from US retail sales during July boosted the greenback, accelerating the pair’s decline to the vicinity of 1.3230 and challenging 2-week lows at the same time. Analysts at TD Securities commented, “We’ve remained bearish on EUR with the failure to cleanly break above 1.34, and the fact that stronger German survey data last night was not able to boost the Single currency is a sign that the market is really focused on the US side of the equation right now. Overall we’re still biased towards a lower EUR in the coming weeks and months”.
EUR/USD levels to watch
At the moment the pair is down 0.43% at 1.3242 and a breakdown of 1.3200 (psychological level) would open the door to 1.3188 (low Aug.2) and finally 1.3166 (low Jul.25). On the upside, resistance levels line up at 1.3391 (high Aug.9) followed by 1.3401 (high Aug.8) and then 1.3417 (high Jun.19).