EUR/USD Advance Capped @ 1.34, New Ascending Wave has Begun

The recovery in EUR/USD has been prompted by a number of issues, ranging from Germany's GDP reading to ECB official Ewald Nowotiny who was reported as saying that the run of positive economic data from the EZ had removed any need to cut interest rates.
However, here we are going to look at the latest technical forecasts for the shared currency in an attempt to cut out the fundamental noise surrounding the shared currency. 

Outlook for the Euro Dollar Exchange Rate

Turning to the outlook for the Euro we hear from Emmanuel Ng at OCBC:

"EUR-USD bounced off intra-day lows near the 1.3300 neighborhood to end near the 1.3350 area with the common currency
garnering initial strength following positive vibes from the plethora of EZ PMIs and rising bund yields blunting dollar strength.

"Any surprises from the German GDP numbers today may see the EUR attempting to resist any potential dollar strength. In the interim, expect a familiar range to persist, with resistance levels with 1.3400 expected to cap for now while dips towards 1.3300 may find initial support."

RoboForex say the Euro Dollar is in a new ascending wave:
"Yesterday Euro rebounded from the local correctional level of 61.8%. It looks like the pair is starting a new ascending movement. The short-term target is in the area formed by the levels of 161.8%, 78.6%, and 50%."

Click image below to enlarge.

Ipek Ozkardeskaya at Swissquote says we are more likely to see further range trading in the outlook:

"EURUSD has settled in a tight range between 1.3300 and 1.3360 on thin, summer volume. Given the lack of 1st tier data, trading should stay restricted. In the mid-term, EURUSD remains heavy, as trend and momentum indicators have turned slightly bearish (although MACD above zeroline remains supportive).

"The negative sentiment suggesting a test of uptrend floor & 62% fibo retracement of the current rally (1.3305 support). The next support can be found at 1.3305 (uptrend support), 1.3230 (13th Aug low & uptrend), 1.3161 / 90 (demand region), 1.3130 (65d MA), 1.2995 (10th July reaction high), 1.2963 (11th July low), 1.2877 (Fibonacci 50% retracement on Jul 12’ – Feb 13’ rally), then 1.2820 (20th May low).

"The first region of supply is located at a distant 1.3455 (14th Feb high), then 1.3520 (13th Feb pivot high)."