4 Sep 2013
EUR/USD flat-lining around 1.3160
FXstreet.com (Edinburgh) -The single currency is trading in a narrow range on Wednesday, driving the EUR/USD around 1.3160/65 ahead of Services PMI results in the euro area.
EUR/USD demand remains subdued
The pair has been trading on the back foot for the last couple of weeks, after being rejected once again from the critical resistance band at 1.3400/50. Despite yesterday’s better tone in the risk-on space, the pair surrendered ground to print fresh 6-week lows in sub 1.3140 levels. Today’s docket in the 17-nation bloc includes the final reading from the Services PMI, Retail Sales and the GDP figures during the second quarter. Market consensus expects EMU’s economic activity to have expanded 0.3% inter-quarter.
EUR/USD key levels
At the moment the pair is losing 0.05% at 1.3163 and a breakdown of 1.3144 (MA200d) would target 1.3115 (low Jul.22) en route to 1.3089 (low Jul.19). On the upside, the initial hurdle lines up at 1.3237 (high Sep.2) ahead of 1.3255 (high Aug.30) and finally 1.3298 (low Aug.22).
EUR/USD demand remains subdued
The pair has been trading on the back foot for the last couple of weeks, after being rejected once again from the critical resistance band at 1.3400/50. Despite yesterday’s better tone in the risk-on space, the pair surrendered ground to print fresh 6-week lows in sub 1.3140 levels. Today’s docket in the 17-nation bloc includes the final reading from the Services PMI, Retail Sales and the GDP figures during the second quarter. Market consensus expects EMU’s economic activity to have expanded 0.3% inter-quarter.
EUR/USD key levels
At the moment the pair is losing 0.05% at 1.3163 and a breakdown of 1.3144 (MA200d) would target 1.3115 (low Jul.22) en route to 1.3089 (low Jul.19). On the upside, the initial hurdle lines up at 1.3237 (high Sep.2) ahead of 1.3255 (high Aug.30) and finally 1.3298 (low Aug.22).