EUR/USD News for the week of July 22, 2013
The EUR/USD pair
fell initially during the week, but found the 1.30 level supportive
again. The resulting candle is somewhat positive, but it’s not exactly
impressive. We believe that there is significant resistance based upon
the weekly downtrend line closer to the 1.33 handle, and believe the
longer-term traders will be attracted to selling this area. On the
bottom of this recent consolidation define the 1.28 handle, an area that
looks like it could be the bottom of a large the ascending triangle.
Because of this we are very cautious about going long at this point.
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