EURUSD Bidders Seek Higher Ground
- The EURUSD exchange rate found expected support at 1.3143 in New York afternoon trading. The barrier was a confluence of 1.3140 support (or the 38.2% fibonacci retracement level from the 1.3369-1.2994 decline) and the 200 hourly EMA. Remaining above 1.3150, the short term picture looks promising for another move higher in the single currency.
- With initial support at 1.3175, any formidable correction on a failure to break above 1.3200 would see secondary support levels reinforced by the 1.3140 barrier. The level is now being buoyed by an ascending 1.2994-1.3104 trendline which is being coupled by the aforemetioned confluence of support.
- However, should bidders gain enough momentum in the next 24 hours, culminating in a upside penetration of the 1.3200, upwards targets at 1.3230 and 1.3250 are feasible.
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