24 Oct 2013
EUR/USD in new highs beyond 1.3800
FXstreet.com (Edinburgh) -The single currency keeps the bid tone on Thursday, with the EUR/USD pushing to test fresh 2013 highs around 1.3820, ahead of PMI prints.
EUR/USD focus on PMIs
The pair accelerates the upside to test levels last seen in November 2011 while market participants wait for the release of key PMI results from the manufacturing and services sectors in the euro area. According to Camilla Sutton, Chief Strategist at Scotiabank, the technical studies remain bullish “and RSI at just 70 suggest still upside room before entering overbought levels. Support lies at 1.3680… resistance lies at the psychologically important 1.3800”.
EUR/USD key levels
At the moment the pair is now up 0.26% at 1.3812 with the initial resistance at 1.3815 (high Nov.14 2011). On the flip side, a breakdown of 1.3741 (low Oct.23) would aim for 1.3711 (high Feb.1) and finally 1.3662 (low Oct.22).
EUR/USD focus on PMIs
The pair accelerates the upside to test levels last seen in November 2011 while market participants wait for the release of key PMI results from the manufacturing and services sectors in the euro area. According to Camilla Sutton, Chief Strategist at Scotiabank, the technical studies remain bullish “and RSI at just 70 suggest still upside room before entering overbought levels. Support lies at 1.3680… resistance lies at the psychologically important 1.3800”.
EUR/USD key levels
At the moment the pair is now up 0.26% at 1.3812 with the initial resistance at 1.3815 (high Nov.14 2011). On the flip side, a breakdown of 1.3741 (low Oct.23) would aim for 1.3711 (high Feb.1) and finally 1.3662 (low Oct.22).