EUR/USD threatening hourly highs

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - EUR/USD is trading at 1.3589, down -0.05% on the day, having posted a daily high at 1.3596 and low at 1.3584.

EUR/USD was a little bit indecisive play around the FOMC and the global strategy team at Brown Brothers Harriman explained the euro reached a six-day high just shy of $1.36, the upper end of the range the euro has settled in since the ECB meeting. “Technically”, they said, “it had looked like the euro was poised to push through the $1.35 level, but after several attempts, some shorts looked to have covered. In terms of asset performances, flows into Spanish and Italian bond and stock market appears to have slowed”. Further adding, “If the positioning in the futures market is indicative of trend followers and momentum traders, the pain trade is a stronger euro and a move above $1.3620 now could spark a short squeeze”.

EUR/USD Levels

With spot trading at 1.3589, we can see next resistance ahead at 1.3596 (Daily Open), (Daily High), 1.3596 (Weekly High), 1.3600 (Yesterday's High) and 1.3610 (Daily Classic R2). Support below can be found at 1.3584 (Daily Low), 1.3579 (Daily Classic R1), 1.3574 (Weekly Classic PP), 1.3571 (Hourly 20 EMA) and 1.3564 (Hourly 200 SMA).

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