EUR/USD rejected near 1.3300

By FXstreet.com | Updated August 22, 2014 AAA

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).

Related Forex Analysis
  1. EUR/USD Technical Analysis: 8-Week Down Trend Challenged
    Forex News

    EUR/USD Technical Analysis: 8-Week Down Trend Challenged

  2. Recap: US Dollar gives up ahead Thanksgiving; pullback or profit taking?
    Forex News

    Recap: US Dollar gives up ahead Thanksgiving; pullback or profit taking?

  3. The 1.2500 holds a EUR/USD ready to advance; watch for USDX weekly close below 87.6 ...
    Forex News

    The 1.2500 holds a EUR/USD ready to advance; watch for USDX weekly close below 87.6 ...

  4. Greenback dropping ahead of holidays – FXStreet
    Forex News

    Greenback dropping ahead of holidays – FXStreet

  5. EUR/USD back near 1.2500
    Forex News

    EUR/USD back near 1.2500

Trading Center