13 Nov 2013
EUR/USD edges higher; momentum bias still negative
FXstreet.com (Athens) – The EUR/USD is trading slightly higher in late Asian trading session, but since the kick off of the Wellington trading session the cross is caught mostly in a sideways movement.
EUR/USD consolidates but Fisher sounds the alarm on the continuing QE’s
The EUR/USD is trading amidst a range bound area mostly in consolidation mode amidst 1.3428-1.3450. Yesterday, Fed’s Fisher from Australia mentioned that “monetary quantitative easing programs are not to meant to last for ever, expressing his worries on the continuation of the QE3”. The US calendar day is empty today, apart from the October budget data. There is also centrist Fed’s Cleveland Pianalto speech, but tomorrow’s Janet Yellen’s nomination hearings in Congress tomorrow will undoubtedly draw much more attention. From the fundamental perspective, taken for granted the recent solid US data alongside with ECB’s pledge to keep interest rates at current levels or even lower, the divergence of the policy outlooks between the Fed and the ECB alone is likely to keep pressure on the EUR/USD cross in the short to mid term.
Technical Outlook on the EUR/USD
The cross is in consolidation mode while also there is a short-squeeze near the recent lows. On the downwards, the first initial solid support coulb be found at 1.3294 (50%Fibonacci retracement of the upwards movement of 1.2755-1.3833), followed by the 200-daily MA at 1.3215. Upwards, the first initial support resides at 1.3493 (10th November MA), followed by the interim resistance at former channel support at1.3535-1.3576 zone.
EUR/USD consolidates but Fisher sounds the alarm on the continuing QE’s
The EUR/USD is trading amidst a range bound area mostly in consolidation mode amidst 1.3428-1.3450. Yesterday, Fed’s Fisher from Australia mentioned that “monetary quantitative easing programs are not to meant to last for ever, expressing his worries on the continuation of the QE3”. The US calendar day is empty today, apart from the October budget data. There is also centrist Fed’s Cleveland Pianalto speech, but tomorrow’s Janet Yellen’s nomination hearings in Congress tomorrow will undoubtedly draw much more attention. From the fundamental perspective, taken for granted the recent solid US data alongside with ECB’s pledge to keep interest rates at current levels or even lower, the divergence of the policy outlooks between the Fed and the ECB alone is likely to keep pressure on the EUR/USD cross in the short to mid term.
Technical Outlook on the EUR/USD
The cross is in consolidation mode while also there is a short-squeeze near the recent lows. On the downwards, the first initial solid support coulb be found at 1.3294 (50%Fibonacci retracement of the upwards movement of 1.2755-1.3833), followed by the 200-daily MA at 1.3215. Upwards, the first initial support resides at 1.3493 (10th November MA), followed by the interim resistance at former channel support at1.3535-1.3576 zone.