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29 Aug 2013
EUR/USD standing on quicksand? Support violated
FXstreet.com (Chicago) - EUR/USD cracked down below immediate support at 1.3329 (August 23rd lows) to hit session lows at 1.3323 but quickly bounce off lows to remain glued to previously violated support.
Allies taking action?
UK Former Secretary of State stated that “If there isn’t agreement at the United Nations, then we and other nations still have a responsibility on chemical weapons”, implying possibility of military action despite potential vetoes from Russia and possibly China based on past events. To worsen concerns, Obama affirmed that the international community must “send a shot across the bow” that might prevent the use of chemical weapons in the future. Market participants wait for GDP data in Spain as well as unemployment rates in Germany along consumer price indexes. In the US, GDP price indexes are due at 12:30 GMT and initial jobless claims follow.
EUR/USD Technical Levels
Price action reveals inconclusive reversal forming after steady decline earlier in Japan as the greenback continues strengthening against the euro driving the pair to accumulate 0.06% losses so far. At 1.3329, the pair trades glued to immediate support at 1.3329 (August 23rd lows) and faces 1.3300 (August 22nd lows) and 1.3279 (August 12th lows). On the upside, resistances are set at 1.3362 (August 22nd highs), 1.3389 (August 26th highs) followed by 1.3415 (June 28th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, fluctuating below the EMA20.
Allies taking action?
UK Former Secretary of State stated that “If there isn’t agreement at the United Nations, then we and other nations still have a responsibility on chemical weapons”, implying possibility of military action despite potential vetoes from Russia and possibly China based on past events. To worsen concerns, Obama affirmed that the international community must “send a shot across the bow” that might prevent the use of chemical weapons in the future. Market participants wait for GDP data in Spain as well as unemployment rates in Germany along consumer price indexes. In the US, GDP price indexes are due at 12:30 GMT and initial jobless claims follow.
EUR/USD Technical Levels
Price action reveals inconclusive reversal forming after steady decline earlier in Japan as the greenback continues strengthening against the euro driving the pair to accumulate 0.06% losses so far. At 1.3329, the pair trades glued to immediate support at 1.3329 (August 23rd lows) and faces 1.3300 (August 22nd lows) and 1.3279 (August 12th lows). On the upside, resistances are set at 1.3362 (August 22nd highs), 1.3389 (August 26th highs) followed by 1.3415 (June 28th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, fluctuating below the EMA20.