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5 Jun 2013
EUR/USD fails to hold above 1.3100
FXstreet.com (Córdoba) - The euro printed a fresh 1-month high versus the dollar in the wake of disappointing US ADP employment report, but failed to consolidate gains and retreated to pre-data levels afterward.
EUR/USD peaked at 1.3112, where the 38.2% retracement of the Feb-Apr drop capped the upturn, and slid back to the 1.3060 zone ahead of the ISM service PMI numbers. At time of writing, EUR/USD is trading at the 1.3065/70 zone, 0.1% below its opening price.
"The hourly chart of the EUR/USD maintains a neutral stance, with indicators flat around their midlines, although recent spike higher proves buyers are still strong", says Valeria Bednarik, analyst at FXstreet.com. "The key support continues to be the 1.3040/50 area, and only steady losses below it can reverse current market sentiment".
EUR/USD peaked at 1.3112, where the 38.2% retracement of the Feb-Apr drop capped the upturn, and slid back to the 1.3060 zone ahead of the ISM service PMI numbers. At time of writing, EUR/USD is trading at the 1.3065/70 zone, 0.1% below its opening price.
"The hourly chart of the EUR/USD maintains a neutral stance, with indicators flat around their midlines, although recent spike higher proves buyers are still strong", says Valeria Bednarik, analyst at FXstreet.com. "The key support continues to be the 1.3040/50 area, and only steady losses below it can reverse current market sentiment".