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

    A Fundamental Push for Key EURUSD, GBPUSD and USDJPY Levels?

  2. Forex News

    EURUSD and GBPUSD Will Decide Make-or-Break In Holiday Trading Conditions

  3. Forex News

    Holiday Conditions and Record Equities Remind of Bigger Liquidity Risks

  4. Forex News

    Greek optimism hitting brick wall - BBH

  5. Forex News

    EUR/USD re-focused on 1.1000

Trading Center