FXstreet.com (Barcelona) - According to Technical Strategist William Moore at RBS, “The short-term EUR/USD picture suddenly looks a lot more positive after the trend line break as seen through the 1.2960 level.”
As such, this will bring into question the resilience of the 1.3016 level, which is a 50% retracement level from the previous range and an important pivot level given that it has already acted as important support and resistance. The technical bias is still to look for good levels to fade; i.e. 1.3016 and 1.3044 are the stand out levels. The way the ranges have been behaving as of late, we would be surprised if the 1.3080 level was breached.” Moore adds.
As such, this will bring into question the resilience of the 1.3016 level, which is a 50% retracement level from the previous range and an important pivot level given that it has already acted as important support and resistance. The technical bias is still to look for good levels to fade; i.e. 1.3016 and 1.3044 are the stand out levels. The way the ranges have been behaving as of late, we would be surprised if the 1.3080 level was breached.” Moore adds.
