Thursday, August 5, 2010

EUR/USD breaks above 1.3175 and returns to 1.3200

Forex Special - The Euro is building up momentum against the US Dollar, and after la mild decline to 1.3120 low at European opening, the pair has bounced up strongly to break above 1.3175 session high and return to 1.3200 area.

If the pair consolidates above 1.3175/80 (previous session high/intra-day support), next resistance levels could be 1.3230/40 (Aug 4 highs) and 1.3260 (Aug 2 highs). On the downside, support levels are at 1.3120/30 (session low/Fib retracement level), and below here, 1.3100/05 (Jul 29 high) and 1.3095 (Jul 30 high). 

The pair has been going through a corrective decline, according to Stoyan Mihaylov, technical analyst at, while the overall bias remains bullish towards 1.3310: "Current slide from 1.3262 is corrective, preceding next advance towards 1.3310. Intraday support is seen at 1.3107 and crucial for the whole uptrend since 1.2730 is 1.2980. Important resistance is projected at 1.3176-83 and it will be a trigger for next leg upwards to 1.3310."

EUR/USD (Aug 05 at 09:50 GMT)

1.3200/02 (0.30%)

H 1.3214 L 1.3119

[?]Trend Index[?]OB/OS Index
Slightly BearishNeutral
Data updated on Aug 05 at 09:30 (15-minute timeframe)

[ View EUR/USD Technical Studies ]


Enter your email address:

Delivered by Dollars Trade



Forex Special Copyright © 2010 Dollars Trade is Designed by Mian Asad Ali