23 Oct 2013
EUR/USD holding steady around 1.3770
FXstreet.com (Edinburgh) -The shared currency remains at the top end of the weekly range against the greenback, with the EUR/USD trading just pips lower from the ytd high near 1.3800 the figure.
EUR/USD closer to 1.3800
The lack of euro releases during the morning and a second-tier docket in the US economy would likely leave the pair to the mercy of the risk trends. The advanced print of the Consumer Confidence in the euro area is due for the month of October, although it does not carry the potential to be a market mover. Consensus expects an improvement to -14.4 from -14.9. According to Brian Martin, Senior Strategist at ANZ, “EUR/USD uptrend intact. If the break of this year's high is sustained in the short term, a move above 1.40 can be expected”.
EUR/USD key levels
At the moment the pair is losing 0.05% at 1.3774 and a breakdown of 1.2662 (low Oct.22) would open the door to 1.3615 (38.2% of 1.3472-1.3704) and finally 1.3600 (psychological level). On the upside, the initial resistance aligns at 1.3800 (psychological level) ahead of 1.3815 (high Nov.14 2011) and then 1.3859 (high Nov.11 2011).
EUR/USD closer to 1.3800
The lack of euro releases during the morning and a second-tier docket in the US economy would likely leave the pair to the mercy of the risk trends. The advanced print of the Consumer Confidence in the euro area is due for the month of October, although it does not carry the potential to be a market mover. Consensus expects an improvement to -14.4 from -14.9. According to Brian Martin, Senior Strategist at ANZ, “EUR/USD uptrend intact. If the break of this year's high is sustained in the short term, a move above 1.40 can be expected”.
EUR/USD key levels
At the moment the pair is losing 0.05% at 1.3774 and a breakdown of 1.2662 (low Oct.22) would open the door to 1.3615 (38.2% of 1.3472-1.3704) and finally 1.3600 (psychological level). On the upside, the initial resistance aligns at 1.3800 (psychological level) ahead of 1.3815 (high Nov.14 2011) and then 1.3859 (high Nov.11 2011).