Friday, August 6, 2010

EUR/USD upside capped at 1.3200 area

Euro bullish attempt witnessed at European session opening time has been short lived, and after reaching session high at 1.3205, the pair has reversed to levels right below 1.3175 session low, yet trading half way through the weekly range, from 1.3120 and 1.3260.

Below 1.3175, the pair might find support at 1.3120/35 (Aug 4/5 lows) and 1.3100/05 (Jul 29 high). On the upside, resistance levels lie at 1.3195/05 (session highs) and above here, 1.3235/40 (Aug 4/5 high) and 1.3260 (Aug 3 high).

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