27 Sep 2013
EUR/USD keeps 1.3500 on EMU data
FXstreet.com (Edinburgh) -The shared currency is navigating session highs against the greenback, with the EUR/USD around 1.3505/10 after mixed EMU data.
EUR/USD firmer on weaker USD
The pair remains well bid beyond 1.3500 the figure after the slew of data from the euro area showed mixed results: while Economic/Services Sentiment and Industrial Confidence improved during September, Business Climate and Consumer Confidence matched previous prints and came in short of expectations. Next on tap will be the advanced German CPI ahead of US Personal Spending/Income, PCE and the Reuters/Michigan index. Kit Juckes, Analyst at Societe Generale, commented, “As long as there is recovery, the ECB won’t rush to ease further and the Euro will find support, but further easing will eventually be needed”.
EUR/USD levels to watch
At the moment the pair is up 0.11% at 1.3505 with the next resistance at 1.3555 (high Sep.23) ahead of 1.3569 (high Sep.19) and finally 1.3598 (high Feb.5). On the downside, a breach of 1.3459 (23.6% of 1.3104-.13569) would bring 1.3453 (high Aug.20) and then 1.3399 (high Aug.28).
EUR/USD firmer on weaker USD
The pair remains well bid beyond 1.3500 the figure after the slew of data from the euro area showed mixed results: while Economic/Services Sentiment and Industrial Confidence improved during September, Business Climate and Consumer Confidence matched previous prints and came in short of expectations. Next on tap will be the advanced German CPI ahead of US Personal Spending/Income, PCE and the Reuters/Michigan index. Kit Juckes, Analyst at Societe Generale, commented, “As long as there is recovery, the ECB won’t rush to ease further and the Euro will find support, but further easing will eventually be needed”.
EUR/USD levels to watch
At the moment the pair is up 0.11% at 1.3505 with the next resistance at 1.3555 (high Sep.23) ahead of 1.3569 (high Sep.19) and finally 1.3598 (high Feb.5). On the downside, a breach of 1.3459 (23.6% of 1.3104-.13569) would bring 1.3453 (high Aug.20) and then 1.3399 (high Aug.28).