15 Nov 2013
EUR/USD rejected at “underbelly resistance” of previous uptrend line at 1.3500
FXstreet.com (Barcelona) - The EUR/USD was on the verge of breaking back up above the resistance created by the broken long-term uptrend line – which comes in at 1.3500. It has been rejected at that level thus far, though.
EUR/USD bulls hoping heavy data flow Friday can help recapture the flag
The EUR/USD was oh so close to breaking out above the key 1.3500 resistance level but alas, it did not succeed in doing so. Now, until the requisite breakout occurs, the bears appear to beack in the driver’s seat.
Friday’s schedule of data likely to affect the EUR/USD includes: EuroZone CPI; the EcoFin meeting for the EU; US import / export prices; US Industrial Production and Capacity Utilization; US Wholesale Inventories; and the US NY Empire state Manufacturing Index.
Technical outlook for EURUSD
Technicians say the chart of the EUR/USD could repair itself technically ONLY if it can manage to close back above the broken uptrend line at around 1.3500. That level is backed up by the 11/6 high of 1.3547. The nearest support levels for EUR/USD comes in at Wednesday’s low of 1.3389 and Tuesday’s low of 1.3358.
EUR/USD bulls hoping heavy data flow Friday can help recapture the flag
The EUR/USD was oh so close to breaking out above the key 1.3500 resistance level but alas, it did not succeed in doing so. Now, until the requisite breakout occurs, the bears appear to beack in the driver’s seat.
Friday’s schedule of data likely to affect the EUR/USD includes: EuroZone CPI; the EcoFin meeting for the EU; US import / export prices; US Industrial Production and Capacity Utilization; US Wholesale Inventories; and the US NY Empire state Manufacturing Index.
Technical outlook for EURUSD
Technicians say the chart of the EUR/USD could repair itself technically ONLY if it can manage to close back above the broken uptrend line at around 1.3500. That level is backed up by the 11/6 high of 1.3547. The nearest support levels for EUR/USD comes in at Wednesday’s low of 1.3389 and Tuesday’s low of 1.3358.