29 Oct 2013
EUR/USD extends the consolidation
FXstreet.com (Edinburgh) -The shared currency remains within a narrow range on Tuesday, with the EUR/USD meandering around 1.370 and 1.3790.
EUR/USD more rangebound ahead?
Second-tier data in the euro area would again prompt the pair to follow the risk trends, as only a gauge of French Consumer Confidence and Spanish Retail Sales are due. Across the pond however, the docket looks more appealing with Retail Sales and the S&P/Case-Shiller index in the limelight. Market consensus expects sales to have expanded at a monthly pace of 0.1% during September and 0.4% excluding the Automobile sector. Analyst Stoyan Mihaylov at DeltaStock.com remains bullish on the pair, suggesting, “The outlook here remains bullish, for a break through 1.3832 high, towards 1.3920, en route to 1.4000 sentiment area. Crucial on the downside is 1.3740”.
EUR/USD key levels
The pair is now up 0.02% at 1.3789 with the next resistance at 1.3833 (2013 high Oct.25) followed by 1.3859 (high Nov.11 2011) and then 1.3871 (high Nov.1 2011). On the downside, a breach of 1.3774 (low Oct.25) would expose 1.3764 (low Oct.24) and finally 1.3741 (low Oct.23).
EUR/USD more rangebound ahead?
Second-tier data in the euro area would again prompt the pair to follow the risk trends, as only a gauge of French Consumer Confidence and Spanish Retail Sales are due. Across the pond however, the docket looks more appealing with Retail Sales and the S&P/Case-Shiller index in the limelight. Market consensus expects sales to have expanded at a monthly pace of 0.1% during September and 0.4% excluding the Automobile sector. Analyst Stoyan Mihaylov at DeltaStock.com remains bullish on the pair, suggesting, “The outlook here remains bullish, for a break through 1.3832 high, towards 1.3920, en route to 1.4000 sentiment area. Crucial on the downside is 1.3740”.
EUR/USD key levels
The pair is now up 0.02% at 1.3789 with the next resistance at 1.3833 (2013 high Oct.25) followed by 1.3859 (high Nov.11 2011) and then 1.3871 (high Nov.1 2011). On the downside, a breach of 1.3774 (low Oct.25) would expose 1.3764 (low Oct.24) and finally 1.3741 (low Oct.23).