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26 Aug 2013
EUR/USD failed at 1.34, back to lows?
FXstreet.com (Edinburgh) -Once again the EUR/USD failed to follow through the key 1.3400/20 band on Monday, propelled from session lows by the miserable data from the US Durable Goods Orders in July.
EUR/USD back to red figures
Following the disappointment from the Durable Goods Orders, the improvement in the regional gauge of the manufacturing sector by the Dallas Fed – 5 in August vs. 4.4 prev. – poured some cold water over euro-bulls’ hopes, dragging the pair to sub 1.3370 levels and attempting to stabilize in that area. Analyst Stoyan Mihaylov at DeltaStock.com commented, “The downtrend from 1.340 has bottomed at 1.3296 low and currently a consolidation pattern is underway, preceding next wave downwards, to 1.3204.Initial resistance is projected at 1.3374, followed by the crucial 1.3407”.
EUR/USD levels to watch
The pair is now retreating 0.10% at 1.3373 and a breakdown of 1.3342 (61.8% of 1.2754-1.3452) would target 1.3333 (MA10d) en route to 1.3297 (low Aug.22). On the upside, the initial barrier aligns at 1.3427 (high Aug.21) ahead of 1.3453 (high Aug.20) and then 1.3456 (high Feb.14).
EUR/USD back to red figures
Following the disappointment from the Durable Goods Orders, the improvement in the regional gauge of the manufacturing sector by the Dallas Fed – 5 in August vs. 4.4 prev. – poured some cold water over euro-bulls’ hopes, dragging the pair to sub 1.3370 levels and attempting to stabilize in that area. Analyst Stoyan Mihaylov at DeltaStock.com commented, “The downtrend from 1.340 has bottomed at 1.3296 low and currently a consolidation pattern is underway, preceding next wave downwards, to 1.3204.Initial resistance is projected at 1.3374, followed by the crucial 1.3407”.
EUR/USD levels to watch
The pair is now retreating 0.10% at 1.3373 and a breakdown of 1.3342 (61.8% of 1.2754-1.3452) would target 1.3333 (MA10d) en route to 1.3297 (low Aug.22). On the upside, the initial barrier aligns at 1.3427 (high Aug.21) ahead of 1.3453 (high Aug.20) and then 1.3456 (high Feb.14).