22 Nov 2013
EUR/USD correcting higher after Wednesday’s bludgeoning; resistance now 1.3521
FXstreet.com (Barcelona) - The EUR/USD finally caved in Wednesday after failing to recapture the broken uptrend line. Thursday brought about the beginnings of a corrective bounce and Friday is continuing that bounce.
EUR/USD traders to monitor European data and Fed Heads Tuesday
Friday’s data calendar sports the Germany’s GDP as well as the Germany’s IFO Current Assessment, Business Climate and Expectations. Additionally the ECB’s Mario Draghi will be giving a speech which traders will need to monitor. There are no market-moving data points due out of the US Friday.
Technical outlook for EURUSD
Technicians say the EUR/USD has short-term “correction resistance” at 1.3521 and support at Thursday’s late afternoon pivot of 1.3445. That level of support is followed by Thursday’s intraday low of 1.3398. The technicians say that if Wednesday’s high holds up as resistance, the ultimate downside target for the EUR/USD will be down near 1.3150.
EUR/USD traders to monitor European data and Fed Heads Tuesday
Friday’s data calendar sports the Germany’s GDP as well as the Germany’s IFO Current Assessment, Business Climate and Expectations. Additionally the ECB’s Mario Draghi will be giving a speech which traders will need to monitor. There are no market-moving data points due out of the US Friday.
Technical outlook for EURUSD
Technicians say the EUR/USD has short-term “correction resistance” at 1.3521 and support at Thursday’s late afternoon pivot of 1.3445. That level of support is followed by Thursday’s intraday low of 1.3398. The technicians say that if Wednesday’s high holds up as resistance, the ultimate downside target for the EUR/USD will be down near 1.3150.