29 Oct 2013
EUR/USD pulling back gently. Is it anticipating bad data out of the US?
FXstreet.com (Barcelona) - The EUR/USD cross continues to sport overbought readings. Traders seem to be disregarding those readings – perhaps anticipating a flood of dismal, shut-down-related data out of the US.
EUR/USD traders ready themselves for Tuesday’s data
The EUR/USD still has not shown much willingness to correct lower after an extended upside move. At this point, it is as if traders are bracing for “the worst” from the US in terms of data flow for the next bit of time – theoretically stemming from the government shutdown and political rancor that the US went through recently.
Tuesday, traders will be monitoring the news primarily from the US including: PPI; Retail Sales; S&P Case Schiller Home Prices; Business Inventories; Consumer Confidence; and, the Monthly US Budget data.
Technical outlook for EUR/USD
The EUR/USD has surpassed the short-term upside target of 1.3750 and now really has no real resistance until the horizontal line resistance at around 1.3900. Support for the cross starts at last Wednesday’s low of 1.3740 and is followed up by last Monday’s low of 1.3650.
EUR/USD traders ready themselves for Tuesday’s data
The EUR/USD still has not shown much willingness to correct lower after an extended upside move. At this point, it is as if traders are bracing for “the worst” from the US in terms of data flow for the next bit of time – theoretically stemming from the government shutdown and political rancor that the US went through recently.
Tuesday, traders will be monitoring the news primarily from the US including: PPI; Retail Sales; S&P Case Schiller Home Prices; Business Inventories; Consumer Confidence; and, the Monthly US Budget data.
Technical outlook for EUR/USD
The EUR/USD has surpassed the short-term upside target of 1.3750 and now really has no real resistance until the horizontal line resistance at around 1.3900. Support for the cross starts at last Wednesday’s low of 1.3740 and is followed up by last Monday’s low of 1.3650.