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25 Feb 2013
Forex: EUR/USD climbs above 1.3300
Supported by the positive market mood and rising stocks, the shared currency advanced against the dollar and printed a fresh daily high above the 1.3300 mark.
EUR/USD pierced above the 1.3275 area, which was capping the upside (also 100-hour SMA), and stretched to a high of 1.3318 before easing a tad. At time of writing, the pair is quoting around 1.3305/10, still up 1.0% on the day.
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the 1.3350 is a key level to watch as a daily descendant trend line coming from 1.3710 is offering resistance. "Only above that level the upward movement could turn into a recovery and not a mere correction", the analyst says.
"The downside is now protected by buyers around 1.3210/20; once below, the pair has scope to fall back towards the 1.3150/70 price zone", Bednarik adds.
EUR/USD pierced above the 1.3275 area, which was capping the upside (also 100-hour SMA), and stretched to a high of 1.3318 before easing a tad. At time of writing, the pair is quoting around 1.3305/10, still up 1.0% on the day.
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the 1.3350 is a key level to watch as a daily descendant trend line coming from 1.3710 is offering resistance. "Only above that level the upward movement could turn into a recovery and not a mere correction", the analyst says.
"The downside is now protected by buyers around 1.3210/20; once below, the pair has scope to fall back towards the 1.3150/70 price zone", Bednarik adds.