EUR/USD posts highs beyond 1.3530

By FXstreet.com | July 18, 2014 AAA

FXStreet (Edinburgh) - The single currency is now picking up pace vs. the greenback, lifting the EUR/USD to print fresh session highs above the 1.3530 level.

EUR/USD bounces off 1.3510

After bottoming out in the 1.3510 area on Thursday, spot managed to gather traction and surpass 1.3530, as risk aversion flows seem to be diminishing at the moment. Data wise, EMU’s Current Account shrunk to €19.5 billion during May from €21.6 billion in the previous month. Next of note in the region will be the speech by Buba’s Weidmann ahead of the US Consumer Sentiment gauged by the Reuters/Michigan index. According to Eric Theoret, CMT Currency Strategist at Scotiabank, “the short term technicals remain bearish, the MACD is bearish and the RSI at 38 provides for ample downside as we approach 1.3503 the June 5 low, beyond which lies the 2014 low at 1.3477. Expect resistance at 1.3600”.

EUR/USD levels to watch

At the moment the pair is up 0.05% at 1.3533 with the next resistance at 1.3540 (high Jul.17) ahead of 1.3572 (high Jul.16) and finally 1.3595 (30-d MA). On the flip side, a breakdown of 1.3512 (low Jul.12) would open the door to 1.3503 (low Jun.5) and then 1.3482 (low Feb.6).

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