18 Nov 2013
EUR/USD treading water above 1.3500
FXstreet.es (Edinburgh) -The EUR/USD found decent support in the boundaries of 1.3500 the figure at the end of the trading session on Monday, currently hovering over 1.3510/15.
EUR/USD bolstered by risk appetite
A continuation of the offered tone around the greenback motivated investors to take positions in the EUR ahead of the relevant PMI results in the second half of the week. The USD weakness extended into Monday trading following the dovish remarks from Janet Yellen last week, emphasizing the idea of the ‘looser for longer’. According to Camilla Sutton, Chief Strategist at Scotiabank, technical studies on the pair remain bearish, as the pair “still failed to close above 1.3513, the open from Thursday November 7th (the day of the ECB interest rate cut); as long as it closes below this level, the outlook warns of potential downside”.
EUR/USD key levels
The pair is now up 0.17% at 1.3514 with the next resistance at 1.3548 (high Nov.6) followed by 1.3589 (high Nov.1) and finally 1.3696 (low Oct.30). On the flip side, a breach of 1.3484 (daily cloud top) would target 1.3465 (low Nov.18) en route to 1.3458 (MA10d).
EUR/USD bolstered by risk appetite
A continuation of the offered tone around the greenback motivated investors to take positions in the EUR ahead of the relevant PMI results in the second half of the week. The USD weakness extended into Monday trading following the dovish remarks from Janet Yellen last week, emphasizing the idea of the ‘looser for longer’. According to Camilla Sutton, Chief Strategist at Scotiabank, technical studies on the pair remain bearish, as the pair “still failed to close above 1.3513, the open from Thursday November 7th (the day of the ECB interest rate cut); as long as it closes below this level, the outlook warns of potential downside”.
EUR/USD key levels
The pair is now up 0.17% at 1.3514 with the next resistance at 1.3548 (high Nov.6) followed by 1.3589 (high Nov.1) and finally 1.3696 (low Oct.30). On the flip side, a breach of 1.3484 (daily cloud top) would target 1.3465 (low Nov.18) en route to 1.3458 (MA10d).