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Forex: U.S. Euro Summary

Posted by Joseph Trevisani on Sep 9, 2013 3:50:00 PM



Euro began the American session at 1.3192 close to the upper end of its 1.3167-98 range in Asian and Europe.

A quick move through 1.3200 about 15 minutes after the NY start set the one way technical tone for the day.  Resistance at 1.3220-25, the high on September 5th had been 1.3223 and 1.3218 on the 4th held the euro in check for almost two hours but the currency never retreated back toward 1.3200.

With U.S. equities stronger and a Russian proposal for placing Syria's chemical weapons under international control making the news rounds, modest risk appetite in the euro crosses underpinned the base currency.

The second approach of 1.3220 just after 10:15 am triggered the stops which quickly ran to 1.3263, then dropped back to 1.3255 where it stayed for the better part of an hour until the London close at noon. Another rapid ascent brought the euro to 1.3281 just short of the 21 day moving average at 1.3287.  After that brief flurry the euro retreated to 1.3255 and consolidated.




Charts: Bloomberg


ScreenHunter 1761 Sep. 09 18.30




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