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16 Jul 2013
EUR/USD stabilizing around 1.3150
FXstreet.com (Barcelona) -The upside in the EUR/USD seems to be taking a breather towards the end of the US session on Tuesday, hovering over 1.3150 after peaks just below 1.3160.
EUR/USD vulnerable ahead of Bernanke
The next event risk facing the pair will be tomorrow’s semi-annual testimony by Chief Bernanke at Capitol Hill. Consensus is biased towards the same tone of last week’s speech post-FOMC minutes, eventually being supportive of the euro. Camilla Sutton, Strategist at Scotiabank, argued that the short-term technicals remain mixed “as signals provide conflicting messages. We see better risk/reward elsewhere. Support lies at the 50‐day MA at 1.3055, while resistance lies at the recent high of 1.3207”.
EUR/USD key levels
The pair is now up 0.63% at 1.3145 and a surpass of 1.3208 (high Jul.11) would open the door to 1.3255 (high Jun.21) and finally 1.3261 (76.4% of 1.3417-1/2755). On the downside, support levels align at 1.3051 (low Jul.16) followed by 1.2992 (low Jul.15) and then 1.2982 (50% of 1.2755-1.3208).
EUR/USD vulnerable ahead of Bernanke
The next event risk facing the pair will be tomorrow’s semi-annual testimony by Chief Bernanke at Capitol Hill. Consensus is biased towards the same tone of last week’s speech post-FOMC minutes, eventually being supportive of the euro. Camilla Sutton, Strategist at Scotiabank, argued that the short-term technicals remain mixed “as signals provide conflicting messages. We see better risk/reward elsewhere. Support lies at the 50‐day MA at 1.3055, while resistance lies at the recent high of 1.3207”.
EUR/USD key levels
The pair is now up 0.63% at 1.3145 and a surpass of 1.3208 (high Jul.11) would open the door to 1.3255 (high Jun.21) and finally 1.3261 (76.4% of 1.3417-1/2755). On the downside, support levels align at 1.3051 (low Jul.16) followed by 1.2992 (low Jul.15) and then 1.2982 (50% of 1.2755-1.3208).