29 Jul 2013
EUR/USD range-bound around 1.3260
FXstreet.com (Edinburgh) -The shared currency is trading on the defensive side on Monday, driving the EUR/USD to the area of 1.3260/65, as a cautious tone prevails ahead of key data.
EUR/USD remains bullish
Despite the ongoing correction lower, the euro is posed for further gains in the medium term, with another assault to the 1.3300 handle in the pipeline. In the opinion of Camilla Sutton, Strategist at Scotiabank, the short-term outlook on the pair is bullish, adding “Friday’s doji combined with today’s quiet session suggest indecision in the market, likely leading into this week’s ECB and Fed decisions. We continue to see EUR as a medium-term range trade between 1.2746 and 1.3456. Accordingly, as EUR moves higher we are beginning to look for signs of a shift that would provide short EUR entry point”.
EUR/USD key levels
The pair is now losing 0.15% at 1.3266 and a breakdown of 1.3208 (high Jul.11) would target 1.3200 (psychological level) en route to 1.3198 (MA10d). On the upside, the initial barrier lines up at 1.3297 (high Jul.26) ahead of 1.3302 (high Jun.20) and then 1.3325 (low Jun.18).
EUR/USD remains bullish
Despite the ongoing correction lower, the euro is posed for further gains in the medium term, with another assault to the 1.3300 handle in the pipeline. In the opinion of Camilla Sutton, Strategist at Scotiabank, the short-term outlook on the pair is bullish, adding “Friday’s doji combined with today’s quiet session suggest indecision in the market, likely leading into this week’s ECB and Fed decisions. We continue to see EUR as a medium-term range trade between 1.2746 and 1.3456. Accordingly, as EUR moves higher we are beginning to look for signs of a shift that would provide short EUR entry point”.
EUR/USD key levels
The pair is now losing 0.15% at 1.3266 and a breakdown of 1.3208 (high Jul.11) would target 1.3200 (psychological level) en route to 1.3198 (MA10d). On the upside, the initial barrier lines up at 1.3297 (high Jul.26) ahead of 1.3302 (high Jun.20) and then 1.3325 (low Jun.18).