Forex: EUR/USD remains in range around 1.3000

Wed, Jul 28 2010, 11:11 GMT
http://www.fxstreet.com

Related News

FXstreet.com (Barcelona) - The Euro remains trading sideways,in range around 1.3000 for the second consecutive day after an attempt to break higher on early European session was capped at 1.3040 resistance area again, sending the pair down to levels right below 1.3000.

Intra-day charts, however, show the pair's momentum turning slightly lower, says Valeria Bednarik, technical analyst at FXstreet.com: "4 hours chart shows momentum is turning slightly lower, while price holds above 20 SMA around 1.2960 static support zone. Pair will again need to clear this last, to trigger some bearish movement aiming to test 1.2920/30 area first and maybe 1.2880 strong zone later."

On the upside, the Euro should break above 1.3045/50 to confirm further bullish pressure, says Bednarik: "Immediate resistance comes at 1.3015, yet above it, the very close highs set around 1.3040/50 should be cleared with strength, to trigger a continuation rally towards 1.3100."

EUR/USD

© 2010 “FXstreet.com. The Forex Market” All Rights Reserved. Every effort is made to provide accurate and complete information. However, with the thousands of documents available, often uploaded within short deadlines, we cannot guarantee that there will be no errors. Any republication or redistribution of FXstreet.com content is expressly prohibited without the prior written consent of FXstreet.com.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.