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19 Aug 2013
EUR/USD dips to lows around 1.3315
FXstreet.com (Edinburgh) -A bout of weakness around the risk-associated assets is dragging the EUR/USD to fresh session lows in the area of 1.3320/15.
EUR/USD favoured by positioning
Speculative positions in the EUR have turned to net long last week against the background of better prospects for the 17-nation region throughout the rest of the year, although the potential upside in the pair would be limited as the ECB would maintain its “lower for longer” policy. “We continue to favour the euro's upside over the near-term. The $1.3400-20 area represents the immediate cap and a break may spur a move toward $1.3500. The $1.3170-$1.3200 area is the lower end of the trading range”, suggested BBH Global Currency Strategy Team.
EUR/USD levels to watch
As of writing the pair is losing 0.12% at 1.3318 with the next support at 1.3314 (MA10d) followed by 1.3206 (low Aug.15) and finally 1.3198 (MA30d). On the upside, a breakout of 1.3367 (high Aug.16) would open the door to 1.3391 (high Aug.9) and then 1.3401 (high Aug.8).
EUR/USD favoured by positioning
Speculative positions in the EUR have turned to net long last week against the background of better prospects for the 17-nation region throughout the rest of the year, although the potential upside in the pair would be limited as the ECB would maintain its “lower for longer” policy. “We continue to favour the euro's upside over the near-term. The $1.3400-20 area represents the immediate cap and a break may spur a move toward $1.3500. The $1.3170-$1.3200 area is the lower end of the trading range”, suggested BBH Global Currency Strategy Team.
EUR/USD levels to watch
As of writing the pair is losing 0.12% at 1.3318 with the next support at 1.3314 (MA10d) followed by 1.3206 (low Aug.15) and finally 1.3198 (MA30d). On the upside, a breakout of 1.3367 (high Aug.16) would open the door to 1.3391 (high Aug.9) and then 1.3401 (high Aug.8).