Forex: EUR/USD back to 1.3100 after session highs
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EUR/USD
FXstreet.com (Barcelona) - The single currency is now back to the vicinity of 1.3100 after rebounding to the area around 1.3115 on a sudden burst of risk appetite following the stronger print out of the Canadian Ivey PMI (52.8 vs. 49.5 exp.).
"Prices put in a Hammer above rising trend line support set from late July, hinting a rebound may be ahead. Initial resistance is at 1.3150, marked by the 23.6% Fibonacci expansion. A break above that aims for the 38.2% level at 1.3244. Alternatively, a drop through the trend line (now at 1.2994) aims for December 7 low at 1.2875", assessed I.Spivak, Currency Strategist at DailyFX.
The cross is now advancing 0.22% at 1.3105 with the next hurdle at 1.3150 (MA21d) followed by 1.3170 (MA10d) and then 1.3190 (high Jan.3).
On the flip side, a breakdown of 1.2998 (low Jan.4) would aim to 1.2996 (low Dec.12) and 1.2988 (MA55d).
"Prices put in a Hammer above rising trend line support set from late July, hinting a rebound may be ahead. Initial resistance is at 1.3150, marked by the 23.6% Fibonacci expansion. A break above that aims for the 38.2% level at 1.3244. Alternatively, a drop through the trend line (now at 1.2994) aims for December 7 low at 1.2875", assessed I.Spivak, Currency Strategist at DailyFX.
The cross is now advancing 0.22% at 1.3105 with the next hurdle at 1.3150 (MA21d) followed by 1.3170 (MA10d) and then 1.3190 (high Jan.3).
On the flip side, a breakdown of 1.2998 (low Jan.4) would aim to 1.2996 (low Dec.12) and 1.2988 (MA55d).
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