EUR/USD in highs, eyes on 1.3300
EUR/USD keeps the upside
Thin trade and scarce volatility are prevailing amongst traders, as both euro and US docket are almost non-existent. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has eroded the 78.6% Fibonacci retracement at 1.3275. This suggests further gains to the 2013 resistance line at 1.3337 and then the key resistance at 1.3373/1.3417. This is where the 2011- 2013 downtrend, the 200 week ma and the June high meet and we look for it to hold the topside and provoke failure”.
EUR/USD levels to watch
As of writing the pair is advancing 0.12% at 1.3294 with the next resistance at 1.3302 (high Jun.20) ahead of 1.3325 (low Jun.18). On the downside, a break below 1.3200 (psychological level) would open the door to 1.3182 (cloud top) and finally 1.3178 (MA10d).
