EUR/USD unable to break above 1.3400

By FXstreet.com | August 08, 2014 AAA

FXStreet (San Francisco) - The EUR/USD remains to trade below the 1.3400 level despite testing it several times throughout the European session. Now it is at 1.3390.



Early in the day, the EUR/USD jumped 50 pips from 1.3355 to break above 1.3390 and tests highs since August 5 at 1.3408. However the pair was unable to hold levels and it retraced to 1.3380.



Currently, EUR/USD is trading at 1.3391, up 0.21% on the day, having posted a daily high at 1.3409 and low at 1.3344. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.



EUR/USD sentiment



"Reports of very large 1.3400 option expiry at today's New York cut, said to be 2.16 bln. Big enough to exert some gravitational pull I guess," comments Gerry Davies from FXBeat. "German' supply noted up at 1.3410/20, buy stops gathering through 1.3420. Downside, buy orders clustered down at 1.3320/40,"



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