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31 Dec 2013
EUR/USD trying to rally off of very short-term support at 1.3793
FXstreet.com (Barcelona) - The EUR/USD is thus far doing a good job of holding up above short-term support at 1.3793. Technicians say that if it can hold up above that level or lower support at 1.3733, a run back up to 1.3806 to 1.3873 is likely in the cards.
EUR/USD traders await US data
EUR/USD traders will have to rely on technicals for the most part on Monday until US data is released later in the session. The data scheduled for release include Pending Homes Sales and the Dallas Fed Manufacturing Index.
Technical outlook for EURUSD
Technicians say the EUR/USD may have completed a very short-term “abc” correction to the downside on Friday when it seemingly held support at 1.3733. If that level breaks, more downside will be in store for the EUR/USD – with 1.3705 and 1.3687 as the next two possible stops on the downside. Resistance for the cross starts at Friday’s intraday high at 1.3893 and is backed up by long-term horizontal line resistance at 1.3913.
EUR/USD traders await US data
EUR/USD traders will have to rely on technicals for the most part on Monday until US data is released later in the session. The data scheduled for release include Pending Homes Sales and the Dallas Fed Manufacturing Index.
Technical outlook for EURUSD
Technicians say the EUR/USD may have completed a very short-term “abc” correction to the downside on Friday when it seemingly held support at 1.3733. If that level breaks, more downside will be in store for the EUR/USD – with 1.3705 and 1.3687 as the next two possible stops on the downside. Resistance for the cross starts at Friday’s intraday high at 1.3893 and is backed up by long-term horizontal line resistance at 1.3913.