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2 Aug 2013
EUR/USD trading at resistance at 1.3270 after US factory orders
FXstreet.com (New York) - The EUR/USD foreign exchange rate has swayed recently during US trading in between data releases in the US Friday, most recently sailing higher, though still trading below its previous highs at 1.3286.
In the United States, Factory Orders (MoM) grew only +1.5% in June, failing to meet a projection of +2.3%. Earlier, Nonfarm Payrolls (July) were reported at just 162K, missing expectations of 184K, and lower than 188K in the month of June. Moreover, the Unemployment Rate (July) fell to just 7.4%, beating estimates that called for 7.5%.
EUR/USD strategic bias
Technically speaking, the EUR/USD is now operating at 1.3269, securing a robust advance of +0.44% in these moments. The Danske Research Team points to resistances at 1.3267, onto 1.3313, and finally 1.3345.
According to the Technical Analyst Team at ICN.com, “The bullishness the pair witnessed after Non-Farm Payrolls is still limited below key support level of the Wedge Pattern keeping the possibility of bringing negativity back. We think that the upside move is only a retest to the previously broken support level that turned to resistance around 1.3280, as trading below it will keep the bearish possibility valid. We should point out that breaking 1.3205 levels is required to push the pair into a strong bearish wave.”
In the United States, Factory Orders (MoM) grew only +1.5% in June, failing to meet a projection of +2.3%. Earlier, Nonfarm Payrolls (July) were reported at just 162K, missing expectations of 184K, and lower than 188K in the month of June. Moreover, the Unemployment Rate (July) fell to just 7.4%, beating estimates that called for 7.5%.
EUR/USD strategic bias
Technically speaking, the EUR/USD is now operating at 1.3269, securing a robust advance of +0.44% in these moments. The Danske Research Team points to resistances at 1.3267, onto 1.3313, and finally 1.3345.
According to the Technical Analyst Team at ICN.com, “The bullishness the pair witnessed after Non-Farm Payrolls is still limited below key support level of the Wedge Pattern keeping the possibility of bringing negativity back. We think that the upside move is only a retest to the previously broken support level that turned to resistance around 1.3280, as trading below it will keep the bearish possibility valid. We should point out that breaking 1.3205 levels is required to push the pair into a strong bearish wave.”