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10 Sep 2013
EUR/USD slams head against the ceiling at 1.3278 resistance
FXstreet.com (Barcelona) - The EUR/USD posted a nice gain Monday on a light news day – taking advantage of some short-term momentum built up from Friday’s bad US jobs report. Technical resistance stopped the rally Monday, though.
Tuesday’s trading to be driven by technicals and Syria again
With only the Italian GDP numbers due out Tuesday, technical factors and US / Syria news flow – and maybe tapering talk in the US – will be driving the trading action in EUR/USD.
Technical outlook for EUR/USD
Technicians remain macro bearish on the EUR/USD with targets way down at the 1.24 – 1.25 range. This two-day rally that just occurred is almost certainly corrective in nature – the question is how high it might go. Technicians say the first targeted resistance is / was 1.3278 – which was tested Monday. If a close above that level occurs, 1.3318 is the next possible stop.
Tuesday’s trading to be driven by technicals and Syria again
With only the Italian GDP numbers due out Tuesday, technical factors and US / Syria news flow – and maybe tapering talk in the US – will be driving the trading action in EUR/USD.
Technical outlook for EUR/USD
Technicians remain macro bearish on the EUR/USD with targets way down at the 1.24 – 1.25 range. This two-day rally that just occurred is almost certainly corrective in nature – the question is how high it might go. Technicians say the first targeted resistance is / was 1.3278 – which was tested Monday. If a close above that level occurs, 1.3318 is the next possible stop.