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11 Sep 2013
EUR/USD, potential 1.3280 breakout leads to 1.3303/1.3363 targets - 2ndSkies
FXstreet.com (Barcelona) - EUR/USD continues to press against the 1.3280 key resistance, levelhighlighted yesterday by JPMorgan Asia-based Strategists, and that now looks increasingly vulnerable to be broken as price action indicates pre-breakout conditions in place.
According to renowned Trader and Founder of 2ndSkies, Chris Capre, "the pair is pushing up against the 1.3273 level and showing the potential for another intra-day price action breakout."
Capre adds: "Notice the several rejections off the inta-day resistance with each rejection getting weaker (sellers being absorbed by the buyers), along with holding above the 20ema after a short move below and quick recovery."
In view of Capre, if the breakout is confirmed, 1.3303 will be the next target, "with a potential follow through move up towards 1.3363" Capre adds. On the contrary, a 4hr candle close below 1.3200 invalidates the bullish bias, Capre argues.
According to renowned Trader and Founder of 2ndSkies, Chris Capre, "the pair is pushing up against the 1.3273 level and showing the potential for another intra-day price action breakout."
Capre adds: "Notice the several rejections off the inta-day resistance with each rejection getting weaker (sellers being absorbed by the buyers), along with holding above the 20ema after a short move below and quick recovery."
In view of Capre, if the breakout is confirmed, 1.3303 will be the next target, "with a potential follow through move up towards 1.3363" Capre adds. On the contrary, a 4hr candle close below 1.3200 invalidates the bullish bias, Capre argues.