11 Nov 2013
EUR/USD boring around 1.3400
FXstreet.com (Edinburgh) - Nothing seems to matter for the EUR/USD, prolonging its intraday consolidation pattern around 1.3400 the figure, up from overnight troughs near 1.3360.
EUR/USD more congestion in the pipeline?
The first half of the week will be dominated by an anaemic docket in the euro bloc, becoming more interesting on Thursday with the advance gauge of the EMU’s GDP during the third quarter (0.2% QoQ expected) and the key final CPI figures on Friday (0.7% YoY). According to Kit Juckes, Analyst at Societe Generale, “I want to be long dollars (it turned on the day the shutdown ended), but further Euro/USD weakness needs higher US yields… With the ECB embarking on a new phase of easing, and with the US data suggesting that the economy has weathered the Federal shutdown well, we should see interest rate divergence resume and be the driving force behind a weaker Euro against a stronger dollar through 2014”.
EUR/USD key levels
As of writing the pair is now advancing 0.38% at 1.3410 with the next resistance at 1.3438 (high Nov.8) followed by 1.3523 (MA10d) and finally 1.3529 (high Nov.7). On the flip side, a break below 1.3345 (low Nov.11) would open the door to 1.3318 (low Nov.8) and then 1.3295 (low 7 Nov.).
EUR/USD more congestion in the pipeline?
The first half of the week will be dominated by an anaemic docket in the euro bloc, becoming more interesting on Thursday with the advance gauge of the EMU’s GDP during the third quarter (0.2% QoQ expected) and the key final CPI figures on Friday (0.7% YoY). According to Kit Juckes, Analyst at Societe Generale, “I want to be long dollars (it turned on the day the shutdown ended), but further Euro/USD weakness needs higher US yields… With the ECB embarking on a new phase of easing, and with the US data suggesting that the economy has weathered the Federal shutdown well, we should see interest rate divergence resume and be the driving force behind a weaker Euro against a stronger dollar through 2014”.
EUR/USD key levels
As of writing the pair is now advancing 0.38% at 1.3410 with the next resistance at 1.3438 (high Nov.8) followed by 1.3523 (MA10d) and finally 1.3529 (high Nov.7). On the flip side, a break below 1.3345 (low Nov.11) would open the door to 1.3318 (low Nov.8) and then 1.3295 (low 7 Nov.).