18 Nov 2013
EUR/USD clings to 1.3500
FXstreet.com (Edinburgh) - The shared currency now navigates within a narrow range although the EUR/USD manages to keep the trade above/around the 1.3500 handle.
EUR/USD muted after EMU data
The pair remained almost indifferent after the upbeat data from the euro zone, with the current account surplus advancing to €14 billion in September and the trade surplus following suit, up to €13.1 billion during the same period. It is worth noting that both prints bettered August’s readings at €12.4 billion and €6.9 billion, respectively. There are no further data in the bloc today, with TIC flows being the most relevant US releases and some Fedspeak in the pipeline. “As long as resistance holds on closing basis at 1.3501, there’s scope for resumption of weakness to test the support at 1.3293 and then 1.3166. Only a close above 1.3501 would prolong the recovery to 1.3564”, commented strategists at UBS.
EUR/USD key levels
The pair is now up 0.15% at 1.3511 with the next resistance at 1.3529 (high Nov.7) ahead of 1.3548 (high Nov.6). On the flip side, a breach of 1.3457 (MA10d) would expose 1.3433 (low Nov.15) and finally 1.3418 (low Nov.14).
EUR/USD muted after EMU data
The pair remained almost indifferent after the upbeat data from the euro zone, with the current account surplus advancing to €14 billion in September and the trade surplus following suit, up to €13.1 billion during the same period. It is worth noting that both prints bettered August’s readings at €12.4 billion and €6.9 billion, respectively. There are no further data in the bloc today, with TIC flows being the most relevant US releases and some Fedspeak in the pipeline. “As long as resistance holds on closing basis at 1.3501, there’s scope for resumption of weakness to test the support at 1.3293 and then 1.3166. Only a close above 1.3501 would prolong the recovery to 1.3564”, commented strategists at UBS.
EUR/USD key levels
The pair is now up 0.15% at 1.3511 with the next resistance at 1.3529 (high Nov.7) ahead of 1.3548 (high Nov.6). On the flip side, a breach of 1.3457 (MA10d) would expose 1.3433 (low Nov.15) and finally 1.3418 (low Nov.14).