28 Oct 2013
EUR/USD sidelined below 1.3790
FXstreet.com (Edinburgh) -The single currency is now consolidating below 1.3790 on Monday, with the EUR/USD gaining some pips after bottoming out near 1.3770.
EUR/USD focus on US docket
A second-tier docket awaits investors in the euro area on Tuesday, with only French Consumer Confidence and the Retail Sales in Spain due. More relevant will be US Retail Sales for the month of September and home prices sponsored by the S&P/Case-Shiller index. “Aside from Wednesday’s FOMC, the biggest risk event for EUR will be the CPI, given that it has remained persistently below the ECB’s 2.0% target, declining consistently since late 2011”, observed Camilla Sutton, Chief Strategy at Scotiabank. The expert also added that the short-term technical remains bullish.
EUR/USD critical levels
As of writing the pair is retreating 0.09% at 1.3781 with the immediate support at 1.3774 (low Oct.25) followed by 1.3764 (low Oct.24) and then 1.3741 (low Oct.23). On the upside, a break above 1.3833 (2013 highs Oct.25) would aim for 1.3859 (high Nov.11 2011) and then 1.3871 (high Nov.1 2011).
EUR/USD focus on US docket
A second-tier docket awaits investors in the euro area on Tuesday, with only French Consumer Confidence and the Retail Sales in Spain due. More relevant will be US Retail Sales for the month of September and home prices sponsored by the S&P/Case-Shiller index. “Aside from Wednesday’s FOMC, the biggest risk event for EUR will be the CPI, given that it has remained persistently below the ECB’s 2.0% target, declining consistently since late 2011”, observed Camilla Sutton, Chief Strategy at Scotiabank. The expert also added that the short-term technical remains bullish.
EUR/USD critical levels
As of writing the pair is retreating 0.09% at 1.3781 with the immediate support at 1.3774 (low Oct.25) followed by 1.3764 (low Oct.24) and then 1.3741 (low Oct.23). On the upside, a break above 1.3833 (2013 highs Oct.25) would aim for 1.3859 (high Nov.11 2011) and then 1.3871 (high Nov.1 2011).