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26 Aug 2013
EUR/USD clicking higher to open the week – 1.3409 resistance looms
FXstreet.com (Barcelona) - The EUR/USD opened modestly higher and may be setting up for a “make or break” moment at the 1.3409 resistance area.
EUR/USD traders will have to contend with US data Monday
Early in the US session Monday, the US will see its monthly Durable Goods data and Dallas Fed Manufacturing Business Index released. Data from Europe won’t really be flowing until Tuesday’s German IDO Current Assessment, Business Climate and Expectations are released.
Technical outlook for EUR/USD
Technicians say 1.3409 is the key upside correction resistance level to monitor early this week for EUR/USD. A break and close above that level would surely have the bears running for cover while a hold of resistance there would further embolden them. The call for weeks by many technicians has been that a top was to be made at the 1.34 – 1.35 area and that the next big move would be lower with targets down in the 1.2400 – 1.2500 range. A close below Friday’s low at 1.3332 would be the first nail in the coffin of the bears.
EUR/USD traders will have to contend with US data Monday
Early in the US session Monday, the US will see its monthly Durable Goods data and Dallas Fed Manufacturing Business Index released. Data from Europe won’t really be flowing until Tuesday’s German IDO Current Assessment, Business Climate and Expectations are released.
Technical outlook for EUR/USD
Technicians say 1.3409 is the key upside correction resistance level to monitor early this week for EUR/USD. A break and close above that level would surely have the bears running for cover while a hold of resistance there would further embolden them. The call for weeks by many technicians has been that a top was to be made at the 1.34 – 1.35 area and that the next big move would be lower with targets down in the 1.2400 – 1.2500 range. A close below Friday’s low at 1.3332 would be the first nail in the coffin of the bears.