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14 May 2013
Forex: EUR/USD prints new weekly high above 1.30
FXstreet.com (Barcelona) - The Euro has been boosted above the 1.30, intraday swing high from the last US session, and judging by the acceleration through the level, it suggests some stop loss order holders were caught on the wrong foot.
At the moment, and after EUR buyers held its ground at the 1.2930/2900 demand area, the pair printed a new high for the week at 1.3025, over 85-90 pips above yesterday's ephemeral low at 1.2940 following upbeat US retail sales numbers.
Technically, the EUR/USD requires either a move through 1.29 to the downside to strengthen the bearish case or else more days of seesawing intraday are likely. On the uspide, 1.3050 should present decent selling interest as per May 10 intraday double top followed by round 1.3110/3100, supply produced after sentiment shift on May 9, before price sold-off aggressively .
At the moment, and after EUR buyers held its ground at the 1.2930/2900 demand area, the pair printed a new high for the week at 1.3025, over 85-90 pips above yesterday's ephemeral low at 1.2940 following upbeat US retail sales numbers.
Technically, the EUR/USD requires either a move through 1.29 to the downside to strengthen the bearish case or else more days of seesawing intraday are likely. On the uspide, 1.3050 should present decent selling interest as per May 10 intraday double top followed by round 1.3110/3100, supply produced after sentiment shift on May 9, before price sold-off aggressively .