2 Sep 2013
EUR/USD staggers into the new week just above short-term support at 1.3205
FXstreet.com (Barcelona) - The EUR/USD was drubbed last week following a series of weak data points out of Europe, better data out of the US, renewed FOMC taper talk and general risk aversion due to the Syria situation.
Will the new week bring about a change in direction?
A few bad data points out of Germany last week along with better-than-expected US data later in the week was all it took to send the EUR/USD tumbling lower – away from the still key resistance at 1.34 – 1.35.
This week brings more data to digest out of Europe and the U.S. – culminating with the monthly jobs report out of the U.S. on Friday. Here’s the schedule of meaningful data releases for the week:
• Monday: Manufacturing PMI readings from all over Europe will be released – with the key readings coming from Germany and the EuroZone in general
• Tuesday: EuroZone PPI; US ISM Manufacturing PPI; US Construction Spending
• Wednesday: Services PMI readings from all over Europe; EuroZone GDP; EuroZone Retail Sales; US Trade Balance; US Fed Beige Book; Fed’s Dudley speaking
• Thursday: Fed’s Kocherlakota speaking; German Factory Orders; ECB Interest Rate Decision; US ADP Employment Change; US Weekly Jobless Claims; US Non-Farm Productivity & Labor Costs; US Factory Orders; US ISM Non-Manufacturing PMI
• Friday: German Industrial Production; US Monthly Employment Report
Technical outlook for EUR/USD
Technicians say EUR/USD has broken down short-term, but that some additional support is nearby at 1.3205. Below that is Fibonacci support at 1.3151. Resistance layers are starting to pile up with 1.3300 and 1.3352 being the first two levels EUR/USD will need to conquer.
Will the new week bring about a change in direction?
A few bad data points out of Germany last week along with better-than-expected US data later in the week was all it took to send the EUR/USD tumbling lower – away from the still key resistance at 1.34 – 1.35.
This week brings more data to digest out of Europe and the U.S. – culminating with the monthly jobs report out of the U.S. on Friday. Here’s the schedule of meaningful data releases for the week:
• Monday: Manufacturing PMI readings from all over Europe will be released – with the key readings coming from Germany and the EuroZone in general
• Tuesday: EuroZone PPI; US ISM Manufacturing PPI; US Construction Spending
• Wednesday: Services PMI readings from all over Europe; EuroZone GDP; EuroZone Retail Sales; US Trade Balance; US Fed Beige Book; Fed’s Dudley speaking
• Thursday: Fed’s Kocherlakota speaking; German Factory Orders; ECB Interest Rate Decision; US ADP Employment Change; US Weekly Jobless Claims; US Non-Farm Productivity & Labor Costs; US Factory Orders; US ISM Non-Manufacturing PMI
• Friday: German Industrial Production; US Monthly Employment Report
Technical outlook for EUR/USD
Technicians say EUR/USD has broken down short-term, but that some additional support is nearby at 1.3205. Below that is Fibonacci support at 1.3151. Resistance layers are starting to pile up with 1.3300 and 1.3352 being the first two levels EUR/USD will need to conquer.