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18 Feb 2013
Forex: EUR/USD breaking below 1.33 points to 1.3255 support – Fan Yang
EUR/USD is currently pushing to fresh session lows at 1.3332, down -0.21% from previous weekly close on Friday, and still above Thursday/Friday's lows around the 1.3310/05 area. According to CMT and FXstreet.com Independent Analyst Fan Yang: “A break below 1.33 continues the current bearish correction, with room to 1.3255 support, as well as a rising trendline that goes back to July 2012 when the bullish trend started,” the analyst says.
Mr Yang ads: “A break below 1.3150 is likely needed to extend the bearish scenario beyond a correction,” while “To the upside, a push above 1.34 can neutralize the bearish outlook, but a push above 1.35 is probably needed before opening up any bullish outlook,” he concludes. Later on EU current account at 09:00 GMT followed by ECB Draghi speech at 14:30 GMT will be key risk events for the day, with US markets closed for holiday.
Mr Yang ads: “A break below 1.3150 is likely needed to extend the bearish scenario beyond a correction,” while “To the upside, a push above 1.34 can neutralize the bearish outlook, but a push above 1.35 is probably needed before opening up any bullish outlook,” he concludes. Later on EU current account at 09:00 GMT followed by ECB Draghi speech at 14:30 GMT will be key risk events for the day, with US markets closed for holiday.