6 Nov 2013
Oversold EUR/USD may be due for a bounce, but lower prices almost likely loom in near future
FXstreet.com (Barcelona) - Weak data out of Europe and good ISM data out of the US Tuesday further tanked the EUR/USD to the point that key horizontal line support at 1.3472 was violated on a closing basis.
EUR/USD traders to monitor heavy European data flow Wednesday
Wednesday’s scheduled news flow for EUR/USD includes: European Services PMIs; European Retail Sales; German Factory Orders; US Challenger Job Cuts data and the Conference Board’s Index of Leading Economic Indicators for the US.
Technical outlook for EURUSD
The close below 1.3472 for the EUR/USD Tuesday should spell more trouble for the euro in the short-term according to Elliott Wave technicians. The next support should come in at the 8/20 close of 1.3417. Resistance for the cross comes in at the broken support at 1.3472 and is backed up by the 10/3 high of 1.3645.
EUR/USD traders to monitor heavy European data flow Wednesday
Wednesday’s scheduled news flow for EUR/USD includes: European Services PMIs; European Retail Sales; German Factory Orders; US Challenger Job Cuts data and the Conference Board’s Index of Leading Economic Indicators for the US.
Technical outlook for EURUSD
The close below 1.3472 for the EUR/USD Tuesday should spell more trouble for the euro in the short-term according to Elliott Wave technicians. The next support should come in at the 8/20 close of 1.3417. Resistance for the cross comes in at the broken support at 1.3472 and is backed up by the 10/3 high of 1.3645.