5 Nov 2013
EUR/USD can’t pass through 1.3480 front
FXstreet.com (Chicago) - EUR/USD continues capped below the 1.3480 zone extending the bearish channel after the retracement from the 1.3523 zone.
Earlier in Europe, equity markets closed with losses and economic results made public disappointed. The producer price index for September was 0.1% vs. expected 0.2% while the annual data was -0.9% vs. expected -0.7%. Wall Street prints mixed results 30 minutes ahead of the closing bell.
EUR/USD Technical Levels
Technically speaking, the pair shows signs of exhaustion with primary, secondary and short-term trends favoring a bearish momentum. A strongly bearish reading by the FXstreet.com trend index on hourly timeframes suggests the pair will extend losses that are now worth 0.30% today. Offered at 1.3472, the pair oscillates between the supports aligned at 1.34 (August 26th highs), 1.3325 (September 12th highs) ahead of 1.3252 (September 11th lows) and the resistances set at 1.3476 (October 15th lows), 1.35 (September 30th lows) ahead of 1.3569 (October 15th highs).
Earlier in Europe, equity markets closed with losses and economic results made public disappointed. The producer price index for September was 0.1% vs. expected 0.2% while the annual data was -0.9% vs. expected -0.7%. Wall Street prints mixed results 30 minutes ahead of the closing bell.
EUR/USD Technical Levels
Technically speaking, the pair shows signs of exhaustion with primary, secondary and short-term trends favoring a bearish momentum. A strongly bearish reading by the FXstreet.com trend index on hourly timeframes suggests the pair will extend losses that are now worth 0.30% today. Offered at 1.3472, the pair oscillates between the supports aligned at 1.34 (August 26th highs), 1.3325 (September 12th highs) ahead of 1.3252 (September 11th lows) and the resistances set at 1.3476 (October 15th lows), 1.35 (September 30th lows) ahead of 1.3569 (October 15th highs).