29 Oct 2013
EUR/USD grinding lower to 1.3760
FXstreet.com (Edinburgh) -The single currency intensifies its intraday decline on Tuesday, pushing the EUR/USD to a test of weekly lows around 1.3760.
EUR/USD down from ytd highs
After climbing to fresh 2013 highs beyond 1.3830, the pair is now partially retracing that bull run, attempting a new visit to the area of 1.3750. Data wise, Consumer Confidence in France stayed put at 85 while Spanish Retail Sales unexpectedly jump 2.2% on a yearly basis during September, leaving behind August’s 4.8% contraction. According to Westpac Global Strategy Group, “Until the ECB signals more forcefully that current euro levels are materially shifting the growth and ECB policy risks multi week, the EUR outlook remains positive towards 1.40. Downside risks around ISM and US retail sales should see EUR post further gains this week”.
EUR/USD key levels
The pair is now losing 0.19% at 1.3758 and a break below 1.3774 (low Oct.25) would expose 1.3764 (low Oct.24) and finally 1.3741 (low Oct.23). On the upside, the first resistance aligns at 1.3833 (2013 high Oct.25) followed by 1.3859 (high Nov.11 2011) and then 1.3871 (high Nov.1 2011).
EUR/USD down from ytd highs
After climbing to fresh 2013 highs beyond 1.3830, the pair is now partially retracing that bull run, attempting a new visit to the area of 1.3750. Data wise, Consumer Confidence in France stayed put at 85 while Spanish Retail Sales unexpectedly jump 2.2% on a yearly basis during September, leaving behind August’s 4.8% contraction. According to Westpac Global Strategy Group, “Until the ECB signals more forcefully that current euro levels are materially shifting the growth and ECB policy risks multi week, the EUR outlook remains positive towards 1.40. Downside risks around ISM and US retail sales should see EUR post further gains this week”.
EUR/USD key levels
The pair is now losing 0.19% at 1.3758 and a break below 1.3774 (low Oct.25) would expose 1.3764 (low Oct.24) and finally 1.3741 (low Oct.23). On the upside, the first resistance aligns at 1.3833 (2013 high Oct.25) followed by 1.3859 (high Nov.11 2011) and then 1.3871 (high Nov.1 2011).