15 Oct 2013
EUR/USD consolidating around 1.3500
FXstreet.com (Edinburgh) -It seems the selling pressure surrounding the bloc currency is taking a breather at the moment, lifting the EUR/USD back to the boundaries of the 1.3500 handle.
EUR/USD remains vulnerable
The pair would remain under pressure however, as hopes of a deal in the last minute would be propping up the current USD rally and thus keeping the demand for the single currency subdued in the very near term. According to BBH Global Currency Strategy Team, “Last week's lows were set a little above $1.3485, but congestion in late September extended toward $1.3460 and it is really this latter area that needs to be taken out to boost confidence that a top is in place. The intra-day technicals warn that the market is a bit stretched and it may be difficult for the North American session to sustain the euro's downside momentum”.
EUR/USD key levels
At the moment the pair is losing 0.49% at 1.3492 and a breakdown of 1.3467 (low Sep.30) would expose 1.3462 (low Sep.25) and finally 1.3444 (MA30d). On the upside, the initial resistance lies at 1.3571 (high Oct.15) followed by 1.3598 (high Oct.14) and then 1.3605 (high Oct.9).
EUR/USD remains vulnerable
The pair would remain under pressure however, as hopes of a deal in the last minute would be propping up the current USD rally and thus keeping the demand for the single currency subdued in the very near term. According to BBH Global Currency Strategy Team, “Last week's lows were set a little above $1.3485, but congestion in late September extended toward $1.3460 and it is really this latter area that needs to be taken out to boost confidence that a top is in place. The intra-day technicals warn that the market is a bit stretched and it may be difficult for the North American session to sustain the euro's downside momentum”.
EUR/USD key levels
At the moment the pair is losing 0.49% at 1.3492 and a breakdown of 1.3467 (low Sep.30) would expose 1.3462 (low Sep.25) and finally 1.3444 (MA30d). On the upside, the initial resistance lies at 1.3571 (high Oct.15) followed by 1.3598 (high Oct.14) and then 1.3605 (high Oct.9).