11 Dec 2013
EUR/USD stepping heavily on 1.3759 support
FXstreet.com (London) - EUR found support on ECB comments earlier but is now firmly pushing through 1.3759 support.
The euro was just shy of 1.3800 earlier but is had eased back in late US session. The data today was second tier with the final Italian Q3 GDP was revised up to flat from -0.1% q/q. A research team at Westpac noted that the ECB Executive Board member Coeure sounded open to another LTRO but seemingly not soon. “ECB president Draghi defended the OMT program but noted that there were limits to what central banks could achieve”. The Us dollar showed November small business sentiment rising about as expected by markets and October wholesale inventories were considerably stronger. Meanwhile, Strategists at Commerzbank noted the 13 count on the 240 chart and TD resistance circa 1.3790 and they suspect upside progress will now be slow. “… to alleviate upside pressure a close below the uptrend at 1.3534 is now needed”.
EUR/USD Levels
The 20 DMA is 1.3555, the 50 DMA is 1.3579 and the 200 DMA is 1.3244. RSI (14) reads 50.73. Supports are ascending from 1.3663, 1.3682, 1.3695, 1.3729. Spot is 1.3753 while resistances are 1.3787, 1.3800, 1.3818 and 1.3833.
The euro was just shy of 1.3800 earlier but is had eased back in late US session. The data today was second tier with the final Italian Q3 GDP was revised up to flat from -0.1% q/q. A research team at Westpac noted that the ECB Executive Board member Coeure sounded open to another LTRO but seemingly not soon. “ECB president Draghi defended the OMT program but noted that there were limits to what central banks could achieve”. The Us dollar showed November small business sentiment rising about as expected by markets and October wholesale inventories were considerably stronger. Meanwhile, Strategists at Commerzbank noted the 13 count on the 240 chart and TD resistance circa 1.3790 and they suspect upside progress will now be slow. “… to alleviate upside pressure a close below the uptrend at 1.3534 is now needed”.
EUR/USD Levels
The 20 DMA is 1.3555, the 50 DMA is 1.3579 and the 200 DMA is 1.3244. RSI (14) reads 50.73. Supports are ascending from 1.3663, 1.3682, 1.3695, 1.3729. Spot is 1.3753 while resistances are 1.3787, 1.3800, 1.3818 and 1.3833.