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27 Aug 2013
EUR/USD back above 1.3380
FXstreet.com (Chicago) - EUR/USD accumulates 0.12% daily gains after wild price action throughout the European trading session. The pair fell to 1.3323 session lows to then reverse and snap back above 1.338 zone as Syrian conflict continues worrying market participants.
Syrian Tension Prevails
Earlier in the US, Redbook indexes were released at 0.3% (MoM) vs. previous 0.2% and 3.8% vs. past 3.4%. The S&P/ Case-Shiller Home Price Index were 12.1% vs. estimates at 12% and past 12.2%. Consumer confidence rose to 81.5 vs. previous 81.0 and projections at 80.3. Finally, the Richmond Fed Manufacturing Index for August was 14 vs. previous -11. In Europe, the CAC 40 closed down 2.42% similarly to the DAX losing 2.28%. The Euronext was also down 2.24%, conforming bearish bias on risk aversion behavior due to potential international war.
EUR/USD Technical Levels – Double Bottom Pattern Formation
At 1.3382, the pair navigates between supports at 1.3362 (August 16th highs), and 1.3329 (August 2nd lows) ahead of 1.3300 (July 30th highs) and resistances at 1.3389 (August 10th highs), 1.3415 (August 22nd highs) and 1.3427 (August 20th highs). Price action reveals double bottom pattern formation confirming reversal from 1.330 zone as the euro strengthened considerably at the release of US data and the prevailing concerns on Syrian conflict. According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, with price above the EMA20 and a MACD pointing up.
Syrian Tension Prevails
Earlier in the US, Redbook indexes were released at 0.3% (MoM) vs. previous 0.2% and 3.8% vs. past 3.4%. The S&P/ Case-Shiller Home Price Index were 12.1% vs. estimates at 12% and past 12.2%. Consumer confidence rose to 81.5 vs. previous 81.0 and projections at 80.3. Finally, the Richmond Fed Manufacturing Index for August was 14 vs. previous -11. In Europe, the CAC 40 closed down 2.42% similarly to the DAX losing 2.28%. The Euronext was also down 2.24%, conforming bearish bias on risk aversion behavior due to potential international war.
EUR/USD Technical Levels – Double Bottom Pattern Formation
At 1.3382, the pair navigates between supports at 1.3362 (August 16th highs), and 1.3329 (August 2nd lows) ahead of 1.3300 (July 30th highs) and resistances at 1.3389 (August 10th highs), 1.3415 (August 22nd highs) and 1.3427 (August 20th highs). Price action reveals double bottom pattern formation confirming reversal from 1.330 zone as the euro strengthened considerably at the release of US data and the prevailing concerns on Syrian conflict. According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, with price above the EMA20 and a MACD pointing up.