7 Aug 2013
EUR/USD drifting sideways after nice up day; upside to 1.3414 still possible
FXstreet.com (Barcelona) - The EUR/USD worked its way higher Tuesday despite some hawkish Fed commentary. It may have been just a matter of the macro technical trend taking over and getting some help from strong German data.
Data may not have been a catalyst Tuesday – but it didn’t hurt
German factory orders came in much stronger than expected Tuesday which served to help an already rallying EURUSD rally further (after some initial profit-taking). The upside could not even be slowed by Fed-heads out making the rounds and hinting at “tapering” of their monthly bond purchase program in the coming months. The EUR/USD finished at 1.3306 and is currently hovering just above that level. Traders will be eyeing the 10-year US Treasury auction at 17:00 GMT which will highlight an overall slow calendar Wednesday.
Technical outlook for EUR/USD
The EUR/USD is set to test technicians’ upside targets ranging from 1.3350 to 1.3414. Meanwhile, short-term support comes in at two intraday pivots from Tuesday at 1.3281 and 1.3265
Data may not have been a catalyst Tuesday – but it didn’t hurt
German factory orders came in much stronger than expected Tuesday which served to help an already rallying EURUSD rally further (after some initial profit-taking). The upside could not even be slowed by Fed-heads out making the rounds and hinting at “tapering” of their monthly bond purchase program in the coming months. The EUR/USD finished at 1.3306 and is currently hovering just above that level. Traders will be eyeing the 10-year US Treasury auction at 17:00 GMT which will highlight an overall slow calendar Wednesday.
Technical outlook for EUR/USD
The EUR/USD is set to test technicians’ upside targets ranging from 1.3350 to 1.3414. Meanwhile, short-term support comes in at two intraday pivots from Tuesday at 1.3281 and 1.3265