FXStreet (Edinburgh) - The recovery of the EUR/USD from overnight lows near 1.3270 seems to have run out of legs in the vicinity of 1.3300 the figure so far.

EUR/USD focus on Jackson Hole, Yellen, Draghi

Empty docket in Euroland on Friday will leave all the attention to the Jackson Hole Symposium and the speeches by Chairwoman Yellen and ECB’s Draghi. After hitting multi-month lows around 1.3250, spot is looking to somehow reverse the current deep pullback although the sentiment surrounding the EUR remains tilted to the downside. In the view of Quek Ser Leang, Market Strategist at UOB Group, “the downside extension target highlighted at 1.3240 was met yesterday. The rebound suggests that we have likely seen a temporary low and EUR is expected to trade sideways from here. Allow the current recovery to extend towards 1.3310 but this should lead to a pullback to 1.3250 for an overall consolidation phase”.

EUR/USD key levels

The pair is now flat at 1.3281 with the next resistance at 1.3297 (high Aug.22) followed by 1.3324 (high Aug.20) and finally 1.3364 (high Aug.19). On the downside, a breach of 1.3242 (low Aug.21) would expose 1.3230 (low Sep.10 2013) and then 1.3157 (low Sep.9 2013).

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Trading Video: Euro Volatility to Intensify, Equities Pause Collapse

  2. Forex News

    EUR/USD Technical Analysis: Key Support Below 1.10 Mark

  3. Forex News

    What are the Traits of Successful Traders?

  4. Forex News

    No Vote in Referedum Reinforces Greece Line, ECB Raises Haircuts

  5. Forex News

    Commodities: CFTC Commitment of Traders Report - TDS

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!