14 Oct 2013
EUR/USD bounces off lows
FXstreet.com (Edinburgh) -After bottoming out around 1.3545, the singe currency is now picking up pace and lifting the EUR/USD back to the 1.3555/60 region on Monday.
EUR/USD firmer after EMU data
The better-than-expected EMU’s industrial production data gave the euro an ephemeral support, expanding at a monthly pace of 1.0% and contracting 2.1% over the last twelve month, vs. estimates at 0.8% and -2.4%, respectively. Markets remain vigilant regarding the developments in the US fiscal front amidst ongoing talks amongst congressional leaders in order to leave behind the administrative paralysis and raise the debt ceiling. Lee Hardman, Currency Analyst at BTMU, commented, “The euro should continue to benefit from the ongoing uncertainty over the US debt ceiling given its status as the most liquid alternative to the US dollar. The negative economic impact from the latest fiscal developments in the US are also serving to push back expectations of when the Fed will begin to taper QE”.
EUR/USD key levels
At the moment the pair is up 0.17% at 1.3566 with the next resistance at 1.3582 (high Oct.11) followed by 1.3605 (high Oct.9) and then 1.3631 (high Oct.4). On the flip side, a breakdown of 1.3518 (low Oct.11) would open the door to 1.3488 (low Oct.10) and finally 1.3486 (low Oct.9).
EUR/USD firmer after EMU data
The better-than-expected EMU’s industrial production data gave the euro an ephemeral support, expanding at a monthly pace of 1.0% and contracting 2.1% over the last twelve month, vs. estimates at 0.8% and -2.4%, respectively. Markets remain vigilant regarding the developments in the US fiscal front amidst ongoing talks amongst congressional leaders in order to leave behind the administrative paralysis and raise the debt ceiling. Lee Hardman, Currency Analyst at BTMU, commented, “The euro should continue to benefit from the ongoing uncertainty over the US debt ceiling given its status as the most liquid alternative to the US dollar. The negative economic impact from the latest fiscal developments in the US are also serving to push back expectations of when the Fed will begin to taper QE”.
EUR/USD key levels
At the moment the pair is up 0.17% at 1.3566 with the next resistance at 1.3582 (high Oct.11) followed by 1.3605 (high Oct.9) and then 1.3631 (high Oct.4). On the flip side, a breakdown of 1.3518 (low Oct.11) would open the door to 1.3488 (low Oct.10) and finally 1.3486 (low Oct.9).