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15 Feb 2013
Forex: EUR/USD trimming losses, flat around 1.3360
The bloc currency is creeping back to the positive territory on Friday, trading in the vicinity of 1.3360, as risk appetite is slowly swelling among traders.
“Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing below support at 1.3353, the 50% Fibonacci retracement. A break lower on a daily closing basis targets the 61.85 level at 1.3269. Initial resistance is at 1.3520, the 23.6% Fib. expansion, with a reversal above that aiming for the 38.2% level at 1.3624”,, explained I.Spivak, Currency Strategist at DailyFX.
At the moment, the pair is losing 0.01% at 1.3360 with the next support lying at 1.3306 (low Feb.15) ahead of 1.3286 (low Jan.24) and then 1.3266 (MA55d).
On the upside, a breakout of 1.3415 (hourly high/lows Feb.14) would expose 1.3440 (MA21d) and finally 1.3456 (high Feb.14).
“Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing below support at 1.3353, the 50% Fibonacci retracement. A break lower on a daily closing basis targets the 61.85 level at 1.3269. Initial resistance is at 1.3520, the 23.6% Fib. expansion, with a reversal above that aiming for the 38.2% level at 1.3624”,, explained I.Spivak, Currency Strategist at DailyFX.
At the moment, the pair is losing 0.01% at 1.3360 with the next support lying at 1.3306 (low Feb.15) ahead of 1.3286 (low Jan.24) and then 1.3266 (MA55d).
On the upside, a breakout of 1.3415 (hourly high/lows Feb.14) would expose 1.3440 (MA21d) and finally 1.3456 (high Feb.14).