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6 Aug 2013
EUR/USD clinging to 1.3300
FXstreet.com (Edinburgh) -The shared currency finally clinched the key barrier at 1.3300 on Tuesday, pushing the EUR/USD to highs beyond 1.3320, although giving away some pips afterwards.
EUR/USD needs a close above 1.3300
However, the pair needs to close above the critical handle on a daily basis to leave the door open for further gains and break above the prevailing range. According to Camilla Sutton, Strategist at Scotiabank, the short-term outlook remains bullish, adding, “however signals are moderating and showing signs of failing—the MACD has moderated and spot is stuck within a narrow range. Accordingly we would take this opportunity to close out EUR long positions”
EUR/USD key levels
As of writing the pair is up 0.36% at 1.3307 with the initial barrier at 1.3345 (high Jul.31) followed by 1.3417 (high Jun.19) and finally 1.3456 (high Feb.14). On the other hand, a break below 1.3246 (low Aug.6) would target 1.3233 (low Aug.5) en route to (1.3200 (psychological level).
EUR/USD needs a close above 1.3300
However, the pair needs to close above the critical handle on a daily basis to leave the door open for further gains and break above the prevailing range. According to Camilla Sutton, Strategist at Scotiabank, the short-term outlook remains bullish, adding, “however signals are moderating and showing signs of failing—the MACD has moderated and spot is stuck within a narrow range. Accordingly we would take this opportunity to close out EUR long positions”
EUR/USD key levels
As of writing the pair is up 0.36% at 1.3307 with the initial barrier at 1.3345 (high Jul.31) followed by 1.3417 (high Jun.19) and finally 1.3456 (high Feb.14). On the other hand, a break below 1.3246 (low Aug.6) would target 1.3233 (low Aug.5) en route to (1.3200 (psychological level).