12 Jul 2013
EUR/USD capped 1.3100
FXstreet.com (London) - EUR/USD has been sidelined since climbing back to 1.3100 in NY on Thursday.
EUR/USD drifted slightly lower away from the 1.3100 handle and oscillated in a tight range above 1.3070, the 200d MA. The market appears to be calmer in the run up to the end of the week and in the absence of major data releases. Today sees some European second tier news throughout the morning, the most prominent being EZ Industrial Production at 9GMT. In the afternoon we will see US data with PPI at 1230GMT and Michigan Consumer Sentiment at 1355GMT.
EUR/USD scope for the upside
Karen Jones, Chief Economist at Commerzbank said the EUR/USD has had a roller coaster of a week. “Rallies have cleared the 1.3060/1.3103 resistance and in doing so have neutralised the immediate outlook. “ She said the Elliot wave count on the 60 minute chart is suggesting that there is scope for further strength, but that the market is likely to struggle to make much impact beyond the 1.3208 high we have just seen. Danske Banks Technical update suggests near term support as 1.3045, 1.30006, 1.2976 and 1.2949. Resistance 1.3123, 1.3147, 1.3208 and 1.3229. RSI 9 56.47
EUR/USD drifted slightly lower away from the 1.3100 handle and oscillated in a tight range above 1.3070, the 200d MA. The market appears to be calmer in the run up to the end of the week and in the absence of major data releases. Today sees some European second tier news throughout the morning, the most prominent being EZ Industrial Production at 9GMT. In the afternoon we will see US data with PPI at 1230GMT and Michigan Consumer Sentiment at 1355GMT.
EUR/USD scope for the upside
Karen Jones, Chief Economist at Commerzbank said the EUR/USD has had a roller coaster of a week. “Rallies have cleared the 1.3060/1.3103 resistance and in doing so have neutralised the immediate outlook. “ She said the Elliot wave count on the 60 minute chart is suggesting that there is scope for further strength, but that the market is likely to struggle to make much impact beyond the 1.3208 high we have just seen. Danske Banks Technical update suggests near term support as 1.3045, 1.30006, 1.2976 and 1.2949. Resistance 1.3123, 1.3147, 1.3208 and 1.3229. RSI 9 56.47