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Forex pairs in this Article » EUR/USD (Barcelona) - EUR/USD rose from below 1.3300 handle yesterday and found 1.3370 territory a tough resistance in NA. The pair is trading sub pivot in European markets on the open.

EUR/USD drifted lower in NA and was offered in Asia to 1.3330 zone. European markets have seen the German GDP QoQ for Q2 that arrived at 0.7% and in line with expectations. The pair is inching to the lows of 1.3335.

EUR/USD top formed

Senior Analyst, Axel Rudolph at Commerzbank said the negative divergence seen between the daily RSI and the EUR/USD's current August high at 1.3453 points to a top being formed. “Confirmation of this would be a drop through the steep two month support line at 1.3307 and a fall through Tuesday’s 1.3323 low. Only a drop through the next lower 1.3208/1.3188 support area will mean that a significant top has indeed been made.” He suggested that should an unexpected rise above the 1.3427 Wednesday high be seen, though, his view will probably be incorrect. “In this case, Tuesday’s 1.3453 peak should be overcome with the 1.3500/20 region then being reached. It consists of the minor psychological level and 13th February high. This is regarded as the last defence for the 1.3711 February high. We do not favour such a strong rise, though, and believe that the currency pair is already topping out”.
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