9 Oct 2013
EUR/USD around 1.3500 pre-minutes
FXstreet.com (Edinburgh) -The decline of the EUR/USD found decent support at the 1.3500 handle on Wednesday, now looking to stabilize ahead of the FOMC minutes due later.
EUR/USD remains vulnerable
The recent failure to convincingly break above 1.3600 the figure triggered the current correction, which could well be intensified in case of a friendly tone from today’s minutes. The news about Janet Yellen seems to have no effects on the pair, while concerns regarding the yet unsolved US federal government shutdown and the debt ceiling continue to weigh on sentiment. Stoyan Mihaylov, Strategist at DeltaStock.com, argued, “The corrective pattern above 1.3540 has been completed with the double test of 1.3610 resistance and my outlook here is negative, for a sell-off towards 1.3460”.
EUR/USD key levels
The pair is now losing 0.44% at 1.3512 and a breakdown of 1.3505 (low Oct.2) would target 1.3467 (low Sep.30) and then 1.3462 (low Sep.25). On the flip side, the initial resistance lies at 1.3582 (high Oct.8) followed by 1.3591 (high Oct.7) and finally 1.3607 (high Oct.8).
EUR/USD remains vulnerable
The recent failure to convincingly break above 1.3600 the figure triggered the current correction, which could well be intensified in case of a friendly tone from today’s minutes. The news about Janet Yellen seems to have no effects on the pair, while concerns regarding the yet unsolved US federal government shutdown and the debt ceiling continue to weigh on sentiment. Stoyan Mihaylov, Strategist at DeltaStock.com, argued, “The corrective pattern above 1.3540 has been completed with the double test of 1.3610 resistance and my outlook here is negative, for a sell-off towards 1.3460”.
EUR/USD key levels
The pair is now losing 0.44% at 1.3512 and a breakdown of 1.3505 (low Oct.2) would target 1.3467 (low Sep.30) and then 1.3462 (low Sep.25). On the flip side, the initial resistance lies at 1.3582 (high Oct.8) followed by 1.3591 (high Oct.7) and finally 1.3607 (high Oct.8).