After sliding over 100 pips throughout the day, the EUR/USD managed to halt its decline at the 1.3280 zone and trimmed intraday losses as risk sentiment improved and U.S. stocks turned positive during the American afternoon. The EUR/USD finished the week above the 1.3300 level, 65 pips down on the day, and just 30 pips below weekly opening price.
Is the EUR/USD developing a double top? "The figure has its neckline around this week low 1.3256, that converges with the 38.2% retracement of its latest daily run," comments FXstreet.com Chief Analyst Valeria Bednarik. "While the price is 100 pips away from the level, a break below it will point to a 150 pips run lower, targeting then the 1.3100 area. In the short term, increasing bearish pressure will surge if the pair losses 1.3320, towards the mentioned 1.3250/60 price zone."
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