4 Dec 2013
EUR/USD struggling near 1.3600
FXstreet.com (Edinburgh) - The EUR/USD is alternating gains with losses on Wednesday, ahead of key services PMI data in the euro area and the ADP report in the US economy.
EUR/USD focus on PMIs, US calendar
The area above the 1.3600 handle still remains elusive for the pair, as yesterday’s spike to the vicinity of 1.3620 only probed to be ephemeral. Ahead in the day, PMI results from the service sector will be the main attraction in the euro bloc followed by EMU’s Q§ GDP figures and October’s Retail Sales. Across the Atlantic, the ADP report, New Home Sales and the Fed’s Beige Book will be in the spotlight. Camilla Sutton, Chief Strategist a Scotiabank, said the pair’s technical studies remain mixed in the short term, “as studies suggest that the trend isbreaking down and spot struggles to maintain recent gains. Support lies at the psychological 1.3500 followed by 1.3432, the 100-day MA; while resistance lies at the recent high of 1.3622”.
EUR/USD levels to wath
The pair is now losing 0.06% at 1.3579 and a break below 1.3525 (low Dec.2) would target 1.3515 (low Nov.26) en route to 1.3502 (MA21d). On the flip side, the initial resistance aligns at 1.3616 (high Dec.2) followed by 1.3622 (high Nov.29) and then 1.3628 (61.8% of 1.3833-1.3295).
EUR/USD focus on PMIs, US calendar
The area above the 1.3600 handle still remains elusive for the pair, as yesterday’s spike to the vicinity of 1.3620 only probed to be ephemeral. Ahead in the day, PMI results from the service sector will be the main attraction in the euro bloc followed by EMU’s Q§ GDP figures and October’s Retail Sales. Across the Atlantic, the ADP report, New Home Sales and the Fed’s Beige Book will be in the spotlight. Camilla Sutton, Chief Strategist a Scotiabank, said the pair’s technical studies remain mixed in the short term, “as studies suggest that the trend isbreaking down and spot struggles to maintain recent gains. Support lies at the psychological 1.3500 followed by 1.3432, the 100-day MA; while resistance lies at the recent high of 1.3622”.
EUR/USD levels to wath
The pair is now losing 0.06% at 1.3579 and a break below 1.3525 (low Dec.2) would target 1.3515 (low Nov.26) en route to 1.3502 (MA21d). On the flip side, the initial resistance aligns at 1.3616 (high Dec.2) followed by 1.3622 (high Nov.29) and then 1.3628 (61.8% of 1.3833-1.3295).