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5 Feb 2013
Forex: EUR/USD retreats from highs, around 1.3575/80
The bloc currency keeps the buoyancy at the end of the NA session on Tuesday, orbiting around intraday highs in the vicinity of 1.3580
“Prices put in a Bearish Engulfing candlestick below resistance at 1.3643, the 100% Fibonacci expansion, and descended to support at the 76.4% level (1.3491). A break below that targets the 61.8% expansion at 1.3398. Alternatively, a push above resistance aims for the 123.6% Fib at 1.3798”, explained I.Spivak, Currency Strategist at DailyFX.
At the moment, the cross is up 0.45% at 1.3574 with the next hurdle at 1.3620 (intraday support Feb.4) ahead of 1.3660 (high Feb.4) and then 1.3664 (Upper Bollinger).
On the downside, a breach of 1.3415 (low Jan.29) would open the door to 1.3377 (MA21d) and finally 1.3349 (low Jan.25).
“Prices put in a Bearish Engulfing candlestick below resistance at 1.3643, the 100% Fibonacci expansion, and descended to support at the 76.4% level (1.3491). A break below that targets the 61.8% expansion at 1.3398. Alternatively, a push above resistance aims for the 123.6% Fib at 1.3798”, explained I.Spivak, Currency Strategist at DailyFX.
At the moment, the cross is up 0.45% at 1.3574 with the next hurdle at 1.3620 (intraday support Feb.4) ahead of 1.3660 (high Feb.4) and then 1.3664 (Upper Bollinger).
On the downside, a breach of 1.3415 (low Jan.29) would open the door to 1.3377 (MA21d) and finally 1.3349 (low Jan.25).