8 Nov 2013
EUR/USD continues correction off of oversold levels – barely holding onto uptrend support
FXstreet.com (Barcelona) - With ECB news and US GDP data out of the way, EUR/USD traders are now gearing up for the major news due out of the US on Friday.
EUR/USD trying some short-term stabs at the long side. How long will that last?
Many trading types and forex strategists have been out recently with long-side trade recommendations for the EUR/USD. Most of those recommendations were predicated on the idea that the EUR/USD was oversold (which it was) and that it was trading at or near key support. After several days of trading this week, the EUR/USD is now less oversold than it was and has barely progressed to the upside this week. It is, however, still holding up above its long-term uptrend line – but only barely so.
Friday’s calendar of data and news includes the German Trade Balance and the big US non-farm payrolls report and the University of Michigan Consumer Sentiment Survey.
Technical outlook for EURUSD
Technicians say the chart of the EUR/USD is broken technically, but that it is still attempting desperately to hold up above the long-term uptrend line at around 1.3417 (just below current levels). Resistance for the cross comes in at the broken support at 1.3472 and is backed up by the 10/3 high of 1.3645.
EUR/USD trying some short-term stabs at the long side. How long will that last?
Many trading types and forex strategists have been out recently with long-side trade recommendations for the EUR/USD. Most of those recommendations were predicated on the idea that the EUR/USD was oversold (which it was) and that it was trading at or near key support. After several days of trading this week, the EUR/USD is now less oversold than it was and has barely progressed to the upside this week. It is, however, still holding up above its long-term uptrend line – but only barely so.
Friday’s calendar of data and news includes the German Trade Balance and the big US non-farm payrolls report and the University of Michigan Consumer Sentiment Survey.
Technical outlook for EURUSD
Technicians say the chart of the EUR/USD is broken technically, but that it is still attempting desperately to hold up above the long-term uptrend line at around 1.3417 (just below current levels). Resistance for the cross comes in at the broken support at 1.3472 and is backed up by the 10/3 high of 1.3645.