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14 Feb 2013
Forex: EUR/USD moves off lows but remains vulnerable
After slumping to a 3-week low in the wake of sour GDP data, the euro managed to stabilize just above the 1.3300 mark and has spent most of the NY trade in a slim range, unable to determine a fresh direction.
EUR/USD bottomed out at 1.3315 during the European session but the subsequent bounce was capped by 1.3350, confining the pair to a phase of consolidation as short-term indicators reached oversold levels.
At time of writing, EUR/USD is trading around 1.3340/45, still down 0.8% on the day. "For now, there is still room to fall until 1.3255, or the rising trendline from July (1.3170), and still be within the context of an overall trend in the daily chart", says Fan Yang, analyst at FXTimes.
EUR/USD bottomed out at 1.3315 during the European session but the subsequent bounce was capped by 1.3350, confining the pair to a phase of consolidation as short-term indicators reached oversold levels.
At time of writing, EUR/USD is trading around 1.3340/45, still down 0.8% on the day. "For now, there is still room to fall until 1.3255, or the rising trendline from July (1.3170), and still be within the context of an overall trend in the daily chart", says Fan Yang, analyst at FXTimes.