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16 Jul 2013
EUR/USD retreats back to 1.3100 region
FXstreet.com (New York) - The EUR/USD foreign exchange rate peaked recently at the 1.3138 level (intraday high) Tuesday, only to ease lower back the 1.3100 barrier in these moments.
In the United States, the Consumer Price Index (YoY) grew by +1.8% in June, exceeding estimates of +1.5%. In addition, the Consumer Price Index (MoM) climbed +0.5% in June, beating expectations of only +0.3%. Finally, the Consumer Price Index ex Food & Energy (YoY) was reported at +1.6% in June, in line with projections.
EUR/USD strategic bias
In light of the recent easing that transpired following an abrupt reversal in the exchange, the EUR/USD remains entrenched in positive territory at 1.3102, still up +0.32% in these moments. Any additional rise in the EUR/USD will look to test resistances at 1.3130, onto 1.3182.
According to the Karen Jones, an analyst at Commerzbank, “The EUR/USD’s intraday charts continue to suggest that there is scope for further strength, but that the market is likely to struggle to make much impact beyond the 1.3208 high we have just seen (and terminate ahead of Fibonacci retracement at 1.3275). Dips are currently indicated to hold very near term in the 1.2985/40 band.”
In the United States, the Consumer Price Index (YoY) grew by +1.8% in June, exceeding estimates of +1.5%. In addition, the Consumer Price Index (MoM) climbed +0.5% in June, beating expectations of only +0.3%. Finally, the Consumer Price Index ex Food & Energy (YoY) was reported at +1.6% in June, in line with projections.
EUR/USD strategic bias
In light of the recent easing that transpired following an abrupt reversal in the exchange, the EUR/USD remains entrenched in positive territory at 1.3102, still up +0.32% in these moments. Any additional rise in the EUR/USD will look to test resistances at 1.3130, onto 1.3182.
According to the Karen Jones, an analyst at Commerzbank, “The EUR/USD’s intraday charts continue to suggest that there is scope for further strength, but that the market is likely to struggle to make much impact beyond the 1.3208 high we have just seen (and terminate ahead of Fibonacci retracement at 1.3275). Dips are currently indicated to hold very near term in the 1.2985/40 band.”