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31 Oct 2013
EUR/USD looks to stabilize below 1.3600
FXstreet.com (Edinburgh) -The EUR/USD is now attempting a consolidation pattern just around 1.3600 the figure, as the intraday decline seems to have stalled around these levels.
EUR/USD weaker on data, FOMC
The pair is prolonging its correction lower since fresh ytd peaks beyond 1.3830 posted last week, alongside a firmer performance by the greenback and a quite balanced tone from the FOMC. Disappointing data from the euro area today added to the downbeat sentiment, dragging the pair to test fresh 2-week lows around 1.3585/80. Strategist Camilla Sutton at Scotiabank commented technical studies are mixed “but increasingly berarish and warns of near term risks towards 1.3486, the 50-day moving average. The MACD has shifted into sell territory and spot broken below support at 1.3680. For short term traders, we favour EUR short positions”.
EUR/USD key levels
As of writing the pair is losing 1.03% at 1.3594 with the immedite support at 1.3516 (low Oct.17). On the flip side, a surpass of 1.3649 (MA21d) would aim for 1.3696 (low Oct.30) and then 1.3739 (high Oct.31).
EUR/USD weaker on data, FOMC
The pair is prolonging its correction lower since fresh ytd peaks beyond 1.3830 posted last week, alongside a firmer performance by the greenback and a quite balanced tone from the FOMC. Disappointing data from the euro area today added to the downbeat sentiment, dragging the pair to test fresh 2-week lows around 1.3585/80. Strategist Camilla Sutton at Scotiabank commented technical studies are mixed “but increasingly berarish and warns of near term risks towards 1.3486, the 50-day moving average. The MACD has shifted into sell territory and spot broken below support at 1.3680. For short term traders, we favour EUR short positions”.
EUR/USD key levels
As of writing the pair is losing 1.03% at 1.3594 with the immedite support at 1.3516 (low Oct.17). On the flip side, a surpass of 1.3649 (MA21d) would aim for 1.3696 (low Oct.30) and then 1.3739 (high Oct.31).