24 Oct 2013
EUR/USD trading like it doesn’t want to correct lower even though technicians say it should
FXstreet.com (Barcelona) - The EUR/USD continued to trade very bullishly – even in a down session like Wednesday. Data points Thursday look to drive the action Thursday.
EUR/USD traders have plenty of data to keep them on their toes Wednesday
The EUR/USD saw a little selling pressure Wednesday as investors and traders sought safety and shunned risk following the unsettling credit-related headlines out of China.
Thursday, EUR/USD traders will be reacting to EU Council Meeting; German PMI data; EU PMI data; US Weekly Jobless Claims; US Manufacturing PMI; and US New Home Sales.
Technical outlook for EUR/USD
The EUR/USD continues to sport one of the most bullish charts out there. But, technicians say that upside the target of 1.3750 for the most recent up move has been reached / exceeded and that a pullback to at least (the 23.6% Fibonacci support) 1.3718 is in order. A move below that level would lead to the 38.2% retracement line at 1.3674. Above 1.3750, the next projected target will be horizontal line resistance at around 1.3900.
EUR/USD traders have plenty of data to keep them on their toes Wednesday
The EUR/USD saw a little selling pressure Wednesday as investors and traders sought safety and shunned risk following the unsettling credit-related headlines out of China.
Thursday, EUR/USD traders will be reacting to EU Council Meeting; German PMI data; EU PMI data; US Weekly Jobless Claims; US Manufacturing PMI; and US New Home Sales.
Technical outlook for EUR/USD
The EUR/USD continues to sport one of the most bullish charts out there. But, technicians say that upside the target of 1.3750 for the most recent up move has been reached / exceeded and that a pullback to at least (the 23.6% Fibonacci support) 1.3718 is in order. A move below that level would lead to the 38.2% retracement line at 1.3674. Above 1.3750, the next projected target will be horizontal line resistance at around 1.3900.