19 Nov 2013
EUR/USD retreats from highs
FXstreet.com (Edinburgh) - After posting fresh weekly highs near 1.3550, the EUR/USD is now surrendering part of those gains in the area of 1.3535/40.
EUR/USD focus on the FOMC minutes, US data
The continuation of the better tone in the risk-associated assets from last week is bolstering the pair’s upside to the vicinity of 1.3550 on Tuesday, posting fresh weekly highs at the same time as traders focus on tomorrow’s slew of US data. Inflation figures in the US economy followed by October’s Retail Sales and Existing Home Sales would precede the more significant FOMC minutes. Camilla Sutton, Chief Strategist at Scotiabank, noted, “ECB commentary is becoming increasingly interesting. Today Executive board member Asmusen suggested that there are no signs of deflation and that the ECB needs to be very careful as it considers negative interest rates”. The expert also added that technical studies in the short term remain bearish.
EUR/USD key levels
The pair is now up 0.23% at 1.3536 and a break above 1.3548 (high Nov.6) would expose 1.3576 (MA21d) and finally 1.3589 (high Nov.1). On the slip side, the initial support aligns at 1.3475 (low Nov.18) followed by 1.3462 (MA10d) and then 1.3418 (low Nov.14).
EUR/USD focus on the FOMC minutes, US data
The continuation of the better tone in the risk-associated assets from last week is bolstering the pair’s upside to the vicinity of 1.3550 on Tuesday, posting fresh weekly highs at the same time as traders focus on tomorrow’s slew of US data. Inflation figures in the US economy followed by October’s Retail Sales and Existing Home Sales would precede the more significant FOMC minutes. Camilla Sutton, Chief Strategist at Scotiabank, noted, “ECB commentary is becoming increasingly interesting. Today Executive board member Asmusen suggested that there are no signs of deflation and that the ECB needs to be very careful as it considers negative interest rates”. The expert also added that technical studies in the short term remain bearish.
EUR/USD key levels
The pair is now up 0.23% at 1.3536 and a break above 1.3548 (high Nov.6) would expose 1.3576 (MA21d) and finally 1.3589 (high Nov.1). On the slip side, the initial support aligns at 1.3475 (low Nov.18) followed by 1.3462 (MA10d) and then 1.3418 (low Nov.14).