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27 Feb 2014
EUR/USD recovers, approaches 1.3700
FXStreet (Córdoba) - The EUR/USD is recovering further at a slow pace early in Asia approaching 1.3700. During the American session the pair bottomed at 1.3661 but bounced afterwards, ending the day at 1.3685. Recently reached a fresh daily high at 1.3695.
Technical outlook for the EUR/USD
Jim Langlands, from FX Charts, notes that 1.3650 is an important support level, “ break of this, which the indicators are hinting is increasingly possible, would head to 1.3625 (daily Kijun/50% of 1.3476/ 1.3773/base of the daily cloud) and if that breaks then we can expect a run back towards 1.3590 (61.8% of 1.3476/ 1.3773) and possibly to 1.3545 (76.4%)”.
To the upside Langlands affirms that resistance lies at 1.3700, 1.3740 pivot and then 1.3770. “Above that, we would head to 1.3800 and then to the important trend resistance at 1.3830 (and 61.8% of 1.4939/1.2042)”.
Technical outlook for the EUR/USD
Jim Langlands, from FX Charts, notes that 1.3650 is an important support level, “ break of this, which the indicators are hinting is increasingly possible, would head to 1.3625 (daily Kijun/50% of 1.3476/ 1.3773/base of the daily cloud) and if that breaks then we can expect a run back towards 1.3590 (61.8% of 1.3476/ 1.3773) and possibly to 1.3545 (76.4%)”.
To the upside Langlands affirms that resistance lies at 1.3700, 1.3740 pivot and then 1.3770. “Above that, we would head to 1.3800 and then to the important trend resistance at 1.3830 (and 61.8% of 1.4939/1.2042)”.