29 Nov 2013
EUR/USD glued to 1.3600
FXstreet.com (Edinburgh) - The shared currency remains mired in the area of 1.3600 on Friday, with the EUR/USD keeping the narrow range between 1.3600 and 1.3620 so far.
EUR/USD looking to stabilize above 1.3600
The pair is extending its ascent for the third consecutive week so far, bouncing off sub-1.3300 levels post-ECB rate cut to weekly highs just beyond 1.3620. The EUR upside found support in the generalized risk-on trade and the skepticism surrounding the ECB and its forward guidance. Today’s upbeat tones from EMU’s inflation figures and the lower unemployment rate have also collaborated with the bid tone around the single currency. According to analysts at AceTrader, “Despite euro's retreat from a near 4-week peak of 1.3619 in Europe on Thursday, as long as previous good support at 1.3558/59 holds, recent erratic upmove from 1.3295 (Nov's low) is likely to extend marginal gain, near term "weakening of upward momentum" is expected to limit upside to 1.3646 and risk is seen for a much-needed correction to take place later today or next Monday.
EUR/USD significant levels
As of writing, the pair is up 0.01% at 1.3608 with the next resistance at 1.3619 (high Nov.28) ahead of 1.3628 (61.8% of 1.3833-1.3295) and then 1.3647 (daily cloud top). On the downside, a break below 1.3564 (low Nov.28) would aim for 1.3558 (low Nov.27) and finally 1.3529 (MA10d).
EUR/USD looking to stabilize above 1.3600
The pair is extending its ascent for the third consecutive week so far, bouncing off sub-1.3300 levels post-ECB rate cut to weekly highs just beyond 1.3620. The EUR upside found support in the generalized risk-on trade and the skepticism surrounding the ECB and its forward guidance. Today’s upbeat tones from EMU’s inflation figures and the lower unemployment rate have also collaborated with the bid tone around the single currency. According to analysts at AceTrader, “Despite euro's retreat from a near 4-week peak of 1.3619 in Europe on Thursday, as long as previous good support at 1.3558/59 holds, recent erratic upmove from 1.3295 (Nov's low) is likely to extend marginal gain, near term "weakening of upward momentum" is expected to limit upside to 1.3646 and risk is seen for a much-needed correction to take place later today or next Monday.
EUR/USD significant levels
As of writing, the pair is up 0.01% at 1.3608 with the next resistance at 1.3619 (high Nov.28) ahead of 1.3628 (61.8% of 1.3833-1.3295) and then 1.3647 (daily cloud top). On the downside, a break below 1.3564 (low Nov.28) would aim for 1.3558 (low Nov.27) and finally 1.3529 (MA10d).