EUR/USD capped at 1.3455, eased to 1.3350 (Barcelona) – Euro rally from 1.2870 low on Monday has been capped at 1.3455 high, and the pair eased on Dollar strength, after China’s banks’ reserves requirement hike announcement, dipping to 1.3350 so far, yet within the day’s trading range, as day low lies at 1.3320.

Immediate support at 1.3280 (session low), and below here, 1.3260 and 1.3200 (intra-day levels). On the upside, resistance levels lie at 1.3455 (session high), and above here, 1.3500 (Dec 14 high) and then at 1.3565 (daily pivot point R2).

Technical indicators show the pair exhausted to the upside, although, according to Valeria Bednarik, technical analyst at 1.3320 should be breached to confirm trend shift: “EUR/USD quotes around 1.3355 and heading lower now, although break below 1.3320 is needed to see the corrective movement extend towards 1.3260 area first; once below this last, 1.3220, 200 EMA in the 4 hours chart.”


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The Art&Science of Trading Gold
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