FX.co ★ EUR/USD - Key level 1.3160 - for May 08, 2013 (Daily Strategy)

This morning during the American session the euro has been trading around daily fractal 1.3160. Given that this pair is being favored due to euphoric climate prevailing in the major world’s exchanges, which is carrying investors to take risk, the euro at the start of the European session exceeded the level of 1.31, boosted by strong industrial production data from Germany. However, 1.3160 is the key level for the pair. If the pair closes the day above this level, it is likely that the upward movement extends to resistance, 1.3225. If this area is exceeded, the euro could quickly reach the 1.3431 fractal. On the other hand, if it closes below 1.3155, it will be considered as a pullback which will give us an opportunity of selling this pair with objectives to daily fractal 1.2877.

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