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11 Sep 2013
EUR/USD erases session gains on Obama’s “respond if diplomacy fails” speech
FXstreet.com (Chicago) - EUR/USD reached 1.3275 but failed to maintain performance and erased previous gains after the US President explained the reasons why a military strike against Syria was inevitable from his point of view.
“A targeted attack with a clear objective”
President Obama’s speech was strong and called for action to stand against the use of chemical weapons in Syria and any part of the world. He said “we know the Assad regime is responsible” and added “when dictators commit atrocities, they depend upon the world to look the other way”. He then stated it was in the National Security interest of the US to deter Syrian chemical weapons and degrade Assad’s capabilities.
EUR/USD Technical Levels
Price action revealed the pair failed to maintain performance and erased previous gains. Trading at 1.3269, the pair oscillates between supports at 1.3235 (August 13th lows), 1.32 (August 16th lows) ahead of 1.3172 (August 30th lows) and resistances at 1.3280 (August 12th lows), 1.33 (August 27th lows) followed by 1.3323 (August 28th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered above the EMA20.
“A targeted attack with a clear objective”
President Obama’s speech was strong and called for action to stand against the use of chemical weapons in Syria and any part of the world. He said “we know the Assad regime is responsible” and added “when dictators commit atrocities, they depend upon the world to look the other way”. He then stated it was in the National Security interest of the US to deter Syrian chemical weapons and degrade Assad’s capabilities.
EUR/USD Technical Levels
Price action revealed the pair failed to maintain performance and erased previous gains. Trading at 1.3269, the pair oscillates between supports at 1.3235 (August 13th lows), 1.32 (August 16th lows) ahead of 1.3172 (August 30th lows) and resistances at 1.3280 (August 12th lows), 1.33 (August 27th lows) followed by 1.3323 (August 28th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered above the EMA20.