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5 Jun 2013
EUR/USD is unable to break above 1.3100 and closes at 1.3080
FXstreet.com (San Francisco) - After testing the 1.3100 several times in the Tuesday's session, the EUR/USD has been unable to break it above and currently the pair remains trading quiet around 1.3080.
Almost flat since Tuesday's open, the short term perspective remains slightly bullish according to the FXstreet.com trend index in the 1-hour chart. Indicators such as CCI, Momentum and MACD are pointing to the north while the Stochastic is bearish. However, according to the FXstreet.com Chief analyst Valeria Bednarik, the market has entered into a "wait and see mode."
"With the ECB next Thursday and US employment data on Friday, market players enter in wait and see mode, not sure where to go from here. As for the technical readings, the EUR/USD hourly chart maintains a positive tone, with price above a flat 20 SMA and indicators standing above their midlines, although lacking strength either side of the board," Bendarik points.
Next support levels are at 1.3037 (MA200d) followed by 1.2961 (MA21d) and then 1.2956 (low Jun.3). On the upside, a breakout of 1.3108 (high Jun.3) would open the door to 1.3194 (high May 8) and then 1.3243 (high May 1).
Almost flat since Tuesday's open, the short term perspective remains slightly bullish according to the FXstreet.com trend index in the 1-hour chart. Indicators such as CCI, Momentum and MACD are pointing to the north while the Stochastic is bearish. However, according to the FXstreet.com Chief analyst Valeria Bednarik, the market has entered into a "wait and see mode."
"With the ECB next Thursday and US employment data on Friday, market players enter in wait and see mode, not sure where to go from here. As for the technical readings, the EUR/USD hourly chart maintains a positive tone, with price above a flat 20 SMA and indicators standing above their midlines, although lacking strength either side of the board," Bendarik points.
Next support levels are at 1.3037 (MA200d) followed by 1.2961 (MA21d) and then 1.2956 (low Jun.3). On the upside, a breakout of 1.3108 (high Jun.3) would open the door to 1.3194 (high May 8) and then 1.3243 (high May 1).