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27 Aug 2013
EUR/USD bounces off lows, heads to 1.3350
FXstreet.com (Edinburgh) -It seems the single currency found solid support in the area of 1.3320 on Tuesday, picking up pace afterwards and lifting the EUR/USD to the vicinity of 1.3350.
EUR/USD hurt by risk aversion
The increasing unease surrounding Syria and the likelihood of a military intervention by US forces prompted market participants to fly to safer assets since this early morning, neutralizing the positive effects of the better-than-expected German IFO indicator. Jacqui Douglas, Senior Global Strategist at TD Securities, commented, “today’s upcoming economic data is likely to take a backseat, while market remain more focused on what politicians are saying about the prospects for Syria… and markets will be waiting for more direction from the US”.
EUR/USD levels to consider
As of writing the pair is now losing 0.14% at 1.3347 with the next support at 1.3299 (low Aug.22) followed by 1.3285 (MA30d) and then 1.3222 (weekly top cloud). On the upside, a break above 1.3394 (high Aug.26) would target 1.3410 (high Aug.23) en route to 1.3427 (high Aug.21).
EUR/USD hurt by risk aversion
The increasing unease surrounding Syria and the likelihood of a military intervention by US forces prompted market participants to fly to safer assets since this early morning, neutralizing the positive effects of the better-than-expected German IFO indicator. Jacqui Douglas, Senior Global Strategist at TD Securities, commented, “today’s upcoming economic data is likely to take a backseat, while market remain more focused on what politicians are saying about the prospects for Syria… and markets will be waiting for more direction from the US”.
EUR/USD levels to consider
As of writing the pair is now losing 0.14% at 1.3347 with the next support at 1.3299 (low Aug.22) followed by 1.3285 (MA30d) and then 1.3222 (weekly top cloud). On the upside, a break above 1.3394 (high Aug.26) would target 1.3410 (high Aug.23) en route to 1.3427 (high Aug.21).