Forex: EUR/USD range bound between 1.3060/80
Forex pairs in this Article »
EUR/USD
FXstreet.com (Barcelona) - The single currency is now navigating in its new comfort zone around 1.3060, as risk-on mode continues to prevail among traders.
According to Currency Strategist I.Spivak at DailyFX, "prices are testing above long-term trend line resistance set from May 2011 (now at 1.2995). A break above this barrier threatens to spark a major upside trend reversal, initially exposing 1.3129. Initial support lines up at 1.2827, the 23.6% Fibonacci expansion, with a drop below that exposing the 1.27 figure and the 38.2% level at 1.2616".
The euro is now advancing 0.63% against the greenback at 1.3067 with the next resistance at 1.3075 (high Oct.23) then 1.3084 (high Oct.22) and finally 1.3129 (high Oct.18).
On the downside, support levels lie at 1.3020 (hourly low Dec.3) followed by 1.2969 (low Nov.30) and 1.2939 (low Nov.29).
According to Currency Strategist I.Spivak at DailyFX, "prices are testing above long-term trend line resistance set from May 2011 (now at 1.2995). A break above this barrier threatens to spark a major upside trend reversal, initially exposing 1.3129. Initial support lines up at 1.2827, the 23.6% Fibonacci expansion, with a drop below that exposing the 1.27 figure and the 38.2% level at 1.2616".
The euro is now advancing 0.63% against the greenback at 1.3067 with the next resistance at 1.3075 (high Oct.23) then 1.3084 (high Oct.22) and finally 1.3129 (high Oct.18).
On the downside, support levels lie at 1.3020 (hourly low Dec.3) followed by 1.2969 (low Nov.30) and 1.2939 (low Nov.29).
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