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1 Aug 2013
EUR/USD held by 1.3209 resistance at closing bell
FXstreet.com (Chicago) - EUR/USD remained below 1.3209 as American trading journey came to an end.
On aftermath of ECB’s decision to maintain 0.5% due to lack of improvements in deflation data among Euro-zone countries and all-time records in Wall Street, the euro dropped to weekly lows. Lower than expected jobless claims beating expecting 345K to decrease to 326K and positive manufacturing data, strengthened greenback.
Price action indicated the pair continued to approach resistance at 1.3220 (July 30 lows) as it traded at 1.3206 at moment of writing. Supports were at 1.3195 (July 31 lows), 1.3182 (July 22 lows), 1.3171 (July 23 lows) with following resistances at 1.3238 (July 29 lows) and 1.3252 (July 26 lows). FXstreet.com technical studies indicated pair was slightly bearish as 0.71% loss incurred confirmed bearish momentum. MACD and CCI indicators pointed down along a pair navigating below EMAs for short and long term on one-hour timeframe analysis.
On aftermath of ECB’s decision to maintain 0.5% due to lack of improvements in deflation data among Euro-zone countries and all-time records in Wall Street, the euro dropped to weekly lows. Lower than expected jobless claims beating expecting 345K to decrease to 326K and positive manufacturing data, strengthened greenback.
Price action indicated the pair continued to approach resistance at 1.3220 (July 30 lows) as it traded at 1.3206 at moment of writing. Supports were at 1.3195 (July 31 lows), 1.3182 (July 22 lows), 1.3171 (July 23 lows) with following resistances at 1.3238 (July 29 lows) and 1.3252 (July 26 lows). FXstreet.com technical studies indicated pair was slightly bearish as 0.71% loss incurred confirmed bearish momentum. MACD and CCI indicators pointed down along a pair navigating below EMAs for short and long term on one-hour timeframe analysis.