27 Nov 2013
EUR/USD on verge of more bullish pattern; a close above 1.3578 is needed
FXstreet.com (Barcelona) - The EUR/USD is off modestly to start Wednesday’s session after bulling through one potential resistance level but falling shy of the next, more critical one at 1.3577.
EUR/USD traders to monitor German and US data later in the session
The data flow that may have an impact on the EUR/USD Tuesday includes: German Consumer Confidence; German 10-Year Bund Auction; US Durable Goods Orders; US Weekly Jobless Claims; US Chicago PMI; US Leading Indicators; and the US University of Michigan Consumer Sentiment.
Technical outlook for EURUSD
Technicians say the EUR/USD has key resistance at last Wednesday’s peak at 1.3578. That is the bears’ “line in the sand” through which the cross cannot pass on the upside if the bears are to remain in control of the situation. The cross has 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 1.3578 is eclipsed, the bears will have yet another nail in the coffin – with only the broken previous uptrend line as a faint last hope at around 1.3595.
EUR/USD traders to monitor German and US data later in the session
The data flow that may have an impact on the EUR/USD Tuesday includes: German Consumer Confidence; German 10-Year Bund Auction; US Durable Goods Orders; US Weekly Jobless Claims; US Chicago PMI; US Leading Indicators; and the US University of Michigan Consumer Sentiment.
Technical outlook for EURUSD
Technicians say the EUR/USD has key resistance at last Wednesday’s peak at 1.3578. That is the bears’ “line in the sand” through which the cross cannot pass on the upside if the bears are to remain in control of the situation. The cross has 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 1.3578 is eclipsed, the bears will have yet another nail in the coffin – with only the broken previous uptrend line as a faint last hope at around 1.3595.