16 Oct 2013
EUR/USD bounces as US Congress strikes deal
FXstreet.com (Córdoba) - The EUR/USD bounced back above the 1.3500 mark and trimmed intraday losses amid news US Congress has reached a deal although it is still to be approved.
The US dollar weakened slightly on the news maybe because any good news regarding a debt deal has been already priced earlier on the day.
EUR/USD had climbed to a high of 1.3567 and then fell sharply below 1.3500 amid rumors of an imminent budget deal. The pair found support at a 3-week low of 1.3473 most recently when headlines of an agreement started to flood the wires. At time of writing, EUR/USD is trading at the 1.3515 area, still 0.1% below its opening price, with attention now turning to the vote and Obama speech announced for the afternoon.
EUR/USD levels to watch
In terms of technical levels, EUR/USD could face immediate supports at 1.3473 (daily low), 1.3460 (Sep 25 low) and 1.3455 (30-day SMA). On the upside, resistances are seen at 1.3567 (daily high) and 1.3600 (psychological level) followed by 1.3645 (Oct 3 high).
The US dollar weakened slightly on the news maybe because any good news regarding a debt deal has been already priced earlier on the day.
EUR/USD had climbed to a high of 1.3567 and then fell sharply below 1.3500 amid rumors of an imminent budget deal. The pair found support at a 3-week low of 1.3473 most recently when headlines of an agreement started to flood the wires. At time of writing, EUR/USD is trading at the 1.3515 area, still 0.1% below its opening price, with attention now turning to the vote and Obama speech announced for the afternoon.
EUR/USD levels to watch
In terms of technical levels, EUR/USD could face immediate supports at 1.3473 (daily low), 1.3460 (Sep 25 low) and 1.3455 (30-day SMA). On the upside, resistances are seen at 1.3567 (daily high) and 1.3600 (psychological level) followed by 1.3645 (Oct 3 high).