2 Dec 2013
EUR/USD looking a bit heavy, still near 1.36
FXstreet.com (Barcelona) - EUR/USD is finding it hard to sustain gains above 1.36, as marginal rises through the level since Nov 27 have consistently failed to get much follow through, as chatter grows on solid sell orders at 1.3625-35.
Eurozone PMIs eyed
Traders await a busy week ahead, starting with today’s EZ PMIs, with Jim Langlands, Founder at FXCharts, noting that "the Euro is beginning to look a little heavy and it would appear that Fridays high of 1.3621 might prove a bit tricky to overcome."
EUR/USD technicals
Technically, Langlands points at momentum on the shorter term charts turning weaker, "suggesting that it may be the downside that comes under some pressure at the start of the week" he said.
On the downside, "1.3560 will again provide the initial support, a break of which would see 1.3535 (38% of 1.3398/1.3618)..." while on the upside, "above Fridays high, the Euro will run into sellers at 1.3627 (61.8% of 1.3832/1.3294) and then the descending trend resistance at around 1.3640" Jim wrote.
Eurozone PMIs eyed
Traders await a busy week ahead, starting with today’s EZ PMIs, with Jim Langlands, Founder at FXCharts, noting that "the Euro is beginning to look a little heavy and it would appear that Fridays high of 1.3621 might prove a bit tricky to overcome."
EUR/USD technicals
Technically, Langlands points at momentum on the shorter term charts turning weaker, "suggesting that it may be the downside that comes under some pressure at the start of the week" he said.
On the downside, "1.3560 will again provide the initial support, a break of which would see 1.3535 (38% of 1.3398/1.3618)..." while on the upside, "above Fridays high, the Euro will run into sellers at 1.3627 (61.8% of 1.3832/1.3294) and then the descending trend resistance at around 1.3640" Jim wrote.