18 Nov 2013
EUR/USD still tickling the “underbelly resistance” of previous uptrend line – now at 1.3520
FXstreet.com (Barcelona) - The EUR/USD enters the week at a bit of a crossroads technically and being pushed around by fundamental cross-currents.
EUR/USD bulls and bears dizzy from recent central banker moves and data flow
The EUR/USD looked very weak until the dynamic duo of Ben Bernanke and Janet Yellen came to the EUR/USD bulls’ rescue by jawboning Treasury yields and the DXY lower with talk of QE-infinity. Initially, the DXY didn’t want to tumble as traders still were betting that a flurry of bullish data would force Bernanke / Yellen’s hand on tapering. However, when Thursday and Friday’s US data points hit the wires, it became apparent that the Fed would feel no tapering pressure for the time being.
Monday’s data calendar is fairly light for EUR/USD traders with very minor data due out from Europe and only Net Long-Term TIC flows and the NAHB Housing Market Index due out from the US.
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 1.3520. That level is backed up by the 11/6 high of 1.3547. The nearest support levels for EUR/USD comes in at Thursday’s low of 1.3477 and Wednesday’s low of 1.3389.
EUR/USD bulls and bears dizzy from recent central banker moves and data flow
The EUR/USD looked very weak until the dynamic duo of Ben Bernanke and Janet Yellen came to the EUR/USD bulls’ rescue by jawboning Treasury yields and the DXY lower with talk of QE-infinity. Initially, the DXY didn’t want to tumble as traders still were betting that a flurry of bullish data would force Bernanke / Yellen’s hand on tapering. However, when Thursday and Friday’s US data points hit the wires, it became apparent that the Fed would feel no tapering pressure for the time being.
Monday’s data calendar is fairly light for EUR/USD traders with very minor data due out from Europe and only Net Long-Term TIC flows and the NAHB Housing Market Index due out from the US.
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 1.3520. That level is backed up by the 11/6 high of 1.3547. The nearest support levels for EUR/USD comes in at Thursday’s low of 1.3477 and Wednesday’s low of 1.3389.