25 Oct 2013
EUR/USD treading water at 1.3800
FXstreet.com (Edinburgh) -The single currency is looking to stabilize around the 1.3800 handle on Friday, with the EUR/USD closing its second consecutive week with gains.
EUR/USD keeps the ytd highs
The pair continues to navigate around year highs nonetheless, easing some ground from overnight tops near 1.3840. The German IFO series came in on the softer side, although the pair quickly shrugged off the result. Tim Riddell, Head of Global Markets Research at ANZ, noted, “The sustained rally off 1.3100 now looks set to test declining resistance and a set of measured targets in the 1.3950-1.4050 area. As noted earlier this month, weekly momentum continues to be supportive as it pushes solidly higher… Although the more positive profile is gaining force, any sign of faltering would still need to be closely monitored with a slip below 1.3570 needed to undermine the current positive tone for EUR”.
EUR/USD levels to watch
The pair is now losing 0.02% at 1.3798 and a breakdown of 1.3741 (low Oct.23) would open the door to 1.3700 (psychological level) and finally 1.3662 (low Oct.22). On the upside, the first hurdle aligns at 1.3832 (2013 high Oct.25) ahead of 1.3826 (high Oct.24) and finally 1.3859 (high Nov.11 2011).
EUR/USD keeps the ytd highs
The pair continues to navigate around year highs nonetheless, easing some ground from overnight tops near 1.3840. The German IFO series came in on the softer side, although the pair quickly shrugged off the result. Tim Riddell, Head of Global Markets Research at ANZ, noted, “The sustained rally off 1.3100 now looks set to test declining resistance and a set of measured targets in the 1.3950-1.4050 area. As noted earlier this month, weekly momentum continues to be supportive as it pushes solidly higher… Although the more positive profile is gaining force, any sign of faltering would still need to be closely monitored with a slip below 1.3570 needed to undermine the current positive tone for EUR”.
EUR/USD levels to watch
The pair is now losing 0.02% at 1.3798 and a breakdown of 1.3741 (low Oct.23) would open the door to 1.3700 (psychological level) and finally 1.3662 (low Oct.22). On the upside, the first hurdle aligns at 1.3832 (2013 high Oct.25) ahead of 1.3826 (high Oct.24) and finally 1.3859 (high Nov.11 2011).