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26 Aug 2013
EUR/USD found support at 1.3365
FXstreet.com (Edinburgh) -The EUR/USD is now reclaiming the 1.3370/75 area after bottoming out around 1.3365, as the risk-off trade is now giving some oxygen to the pair.
EUR/USD focus on US data
US Durable Goods Orders will grab all the investors’ attention on Monday. Prior surveys expect orders to revert June’s significant advance of 4.2% and contract 3.0% during July. Stripping the Transportation sector, orders are expected to expand 0.6%. According to Westpac Global Strategy Group, “Eurozone data momentum remains sufficiently encouraging for the likes of ECB’s Nowotny to douse rate cut talk and the EZ current account surplus aids the euro when capital flows are still seasonally light. A decent German IFO survey would add to the case for a test of 1.35 though progress is slowed by broad USD resilience… Our multi-week bias remains to sell this rally but not this week”.
EUR/USD significant levels
The pair is now losing 0.08% at 1.3374 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 focus on US data
US Durable Goods Orders will grab all the investors’ attention on Monday. Prior surveys expect orders to revert June’s significant advance of 4.2% and contract 3.0% during July. Stripping the Transportation sector, orders are expected to expand 0.6%. According to Westpac Global Strategy Group, “Eurozone data momentum remains sufficiently encouraging for the likes of ECB’s Nowotny to douse rate cut talk and the EZ current account surplus aids the euro when capital flows are still seasonally light. A decent German IFO survey would add to the case for a test of 1.35 though progress is slowed by broad USD resilience… Our multi-week bias remains to sell this rally but not this week”.
EUR/USD significant levels
The pair is now losing 0.08% at 1.3374 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).