26 Nov 2013
EUR/USD lifting modestly after Monday pullback off of resistance at 1.3563
FXstreet.com (Barcelona) - The EUR/USD is up modestly to start Tuesday’s session after failing to break through Fibonacci resistance at 1.3563 on Monday. A continued failure to break out could lead to trouble for EUR/USD bulls.
EUR/USD traders to monitor US data later in the session
EUR/USD traders will have to wait until the US session Tuesday before any potentially market-moving news / data is due out. At that point, though, they will get to react to S&P Case Schiller Home Prices; US Building Permits; US Housing Starts; US Consumer Confidence and the US Richmond Fed Manufacturing Index.
Technical outlook for EURUSD
Technicians say the EUR/USD has Fibonacci retracement resistance at 1.3563 and support at 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. If 1.353 is eclipsed, the bears still have a shot at retaining control of the situation if last Wednesday’s peak at 1.3578 is not taken out.
EUR/USD traders to monitor US data later in the session
EUR/USD traders will have to wait until the US session Tuesday before any potentially market-moving news / data is due out. At that point, though, they will get to react to S&P Case Schiller Home Prices; US Building Permits; US Housing Starts; US Consumer Confidence and the US Richmond Fed Manufacturing Index.
Technical outlook for EURUSD
Technicians say the EUR/USD has Fibonacci retracement resistance at 1.3563 and support at 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. If 1.353 is eclipsed, the bears still have a shot at retaining control of the situation if last Wednesday’s peak at 1.3578 is not taken out.