NEW YORK (Forex News Now) – As of around 11:00 A.M. GMT on Monday, the euro was rebounding against the dollar, erasing Friday’s losses and nearing a fresh 5-week high in online FX trading.
This is what the analysts say about the heavily traded currency pair in the near-term:
According to FXstreet, EUR/USD is “building up;” in the Barcelona-based site’s EUR USD analysis, the pair is likely to find near-term resistance around 1.319 and short-term support in the 1.3015/30 area.
Actionforex, meanwhile, stays solidly on the fence. In the site’s daily report on the currency pair, it notes “Intraday bias in EUR/USD remains neutral at this point… in the bigger picture, outlook is rather mixed for the moment and we’ll stay neutral first.”
Nonetheless, the currency market trading news site sees the currency pair as targeting the 1.333 zone in the long-term, with immediate support around 1.2916.
Forexcylce also expects EUR/USD’s uptrend to continue, as long a key support at 1.2953 holds.
However, the site notes that a breakdown below the FX rate of 1.2953 would “imply that the rise from 1.2587 is complete, then the falling downward move could bring price back to re-test 1.2587 previous low support.”