9 Dec 2013
EUR/USD bucking reason by continuing to rise in the face of better US data
FXstreet.com (Barcelona) - The EUR/USD enters the week after inching out a close above “correction resistance” at 1.3708. Technicians want to see some follow through this week to feel comfortable declaring victory for the bulls.
EUR/USD traders to monitor European and US data Monday
After a week of continued weakness in the greenback and strength in the euro, traders and analysts are left to wonder why the greenback is displaying such relative weakness – even as Treasury yields have been on the rise and various Fed Heads have been out in the press talking up the merits of returning to monetary normalcy in the US.
Monday, EUR/USD traders will be busy during the European session will bring the release of German Trade Balance and Industrial Production data as well as European Sentix Investor Confidence numbers. Later in the Monday session, the US Fed’s Lacker, Fisher and Bullard will all be speaking to various audiences in the U.S. – possibly offering better visibility to when the /fed will be commencing their QE-tapering program.
Technical outlook for EURUSD
Technicians say the EUR/USD managed to conquer another possible “correction resistance” level at 1.3708. If the break of 1.3708 holds as the days go by, the next resistance won’t come into play until 1.3803 – the 10/25 close. The short-term support for the cross comes in at FVriday’s low of 1.3619 and is followed by Tuesday’s low of 1.3523.
EUR/USD traders to monitor European and US data Monday
After a week of continued weakness in the greenback and strength in the euro, traders and analysts are left to wonder why the greenback is displaying such relative weakness – even as Treasury yields have been on the rise and various Fed Heads have been out in the press talking up the merits of returning to monetary normalcy in the US.
Monday, EUR/USD traders will be busy during the European session will bring the release of German Trade Balance and Industrial Production data as well as European Sentix Investor Confidence numbers. Later in the Monday session, the US Fed’s Lacker, Fisher and Bullard will all be speaking to various audiences in the U.S. – possibly offering better visibility to when the /fed will be commencing their QE-tapering program.
Technical outlook for EURUSD
Technicians say the EUR/USD managed to conquer another possible “correction resistance” level at 1.3708. If the break of 1.3708 holds as the days go by, the next resistance won’t come into play until 1.3803 – the 10/25 close. The short-term support for the cross comes in at FVriday’s low of 1.3619 and is followed by Tuesday’s low of 1.3523.