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8 Oct 2013
EUR/USD found support around 1.3570
FXstreet.com (Edinburgh) -After climbing to the vicinity of 1.3610, the EUR/USD initiated a correction lower back to the current area of 1.3570/75.
EUR/USD focus on the FOMC minutes
The pair is posting meagre gains this week so far, keeping a narrow range and lower from last week’s tops near 1.3650. The euro looks set to remain under pressure ahead of tomorrow’s release of the FOMC minutes, amidst increasing risk aversion due to the uncertainties surrounding the events across the pond. Camilla Sutton, Chief Strategist at Scotiabank, argues that the technical studies remain in the bullish side in the short term, adding “with all signals in buy territory and the RSI at 62 – not overbought – suggest there is more upside room; however the MACD also notes the failing momentum (something spot confirms); accordingly the signals are not as strong as they were leading into last week’s 1.3646 high”.
EUR/USD key levels
The pair is now losing 0.05% at 1.3575 and a breakdown of 1.3549 (MA10d) would target 1.3543 (low Oct.7) en route to 1.3538 (low Oct.4). On the flip side, the initial resistance lies at 1.3582 (high Oct.8) followed by 1.3591 (high Oct.7) and finally 1.3632 (high Oct.4).
EUR/USD focus on the FOMC minutes
The pair is posting meagre gains this week so far, keeping a narrow range and lower from last week’s tops near 1.3650. The euro looks set to remain under pressure ahead of tomorrow’s release of the FOMC minutes, amidst increasing risk aversion due to the uncertainties surrounding the events across the pond. Camilla Sutton, Chief Strategist at Scotiabank, argues that the technical studies remain in the bullish side in the short term, adding “with all signals in buy territory and the RSI at 62 – not overbought – suggest there is more upside room; however the MACD also notes the failing momentum (something spot confirms); accordingly the signals are not as strong as they were leading into last week’s 1.3646 high”.
EUR/USD key levels
The pair is now losing 0.05% at 1.3575 and a breakdown of 1.3549 (MA10d) would target 1.3543 (low Oct.7) en route to 1.3538 (low Oct.4). On the flip side, the initial resistance lies at 1.3582 (high Oct.8) followed by 1.3591 (high Oct.7) and finally 1.3632 (high Oct.4).