EUR/USD retreats from 1.3400 resistance
James Chen August 28, 2013 8:51 PM
<p>EUR/USD (daily chart) has once again retreated from key resistance around the 1.3400 level after having made a temporary breach above that level last week. […]</p>
EUR/USD (daily chart) has once again retreated from key resistance around the 1.3400 level after having made a temporary breach above that level last week. The 1.3400 price region has served as key historical resistance, most recently in June when the pair pivoted down from that area, reversing a steep bullish leg. The noted temporary breach last week reached a high of 1.3450 before promptly retreating. Since then, the pair has consistently bumped up against 1.3400, unable to make any further significant breaches. Today’s price action has seen a swift retreat, moving back down to hit a low around the 1.3300 support. A breakdown below this 1.3300 level would give further indication of a potential price turn to the downside, thereby continuing the trading range that the pair has been mired in for the past several months. Another breakout above 1.3400 should meet strong and immediate resistance around the key 1.3500 level.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.