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12 Sep 2013
EUR/USD consolidates above 1.3300 area
FXstreet.com (Athens)- The EUR/USD has been consolidated over 1.3300 key level support since the Asian opening trading session on Thursday, ahead of Friday’s Euro group meeting.
The EUR/USD strikes back to a two week high as of 1.3323
The EUR/USD consolidated above the 1.3300 area, ahead of Friday’s Euro group meeting. Thus, today ECB president Draghi and EU’s Rehn are listed to speak in Latvia, which is due to adopt the euro on 1 Jan 2014. Furthermore, today we have Euro zone industrial production at 9:00 GMT hours, while the Euro land highlight data of the day will be President’s Draghi speech. On the other coast of the Atlantic, news data is still second tier today; weekly jobless claims, seen ticking back up to 330K from a low 323K the prior week, plus import prices and the monthly budget data.
Technical outlook on EUR/USD
According to Karen Jones, Head Technical Analyst of Commerzbank, “EUR/USD’s bounce off the 50% retracement of the July-to-August rally at 1.3104 has so far taken it to 1.3281 where the 50% retracement of the August-to-September decline can be seen. The 1.3300 region could also be reached but around it another down leg should be made. We still look for a slide to 1.3020 and then 1.2904. These are the 61.8% and the 78.6% retracements of the move up from July, en route to the 1.2755 July low. Only an unexpected rise above the August 1.3453 high will allow gains to the 1.3500/20 region. This is not our favored view and we believe that the currency pair will see another leg lower towards 1.3050/25 instead. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15-minutes timeframe chart. Daily pivot point support can be found at 1.3277, 1.3244, 1.3211, and resistance at 1.3359, 1.3392 and 1.3426, respectively. The interim resistance is between 1.3320/40 level-if it is clearly broken, the pair could move upward to 1.3420,1.3450 and 1.4350 area.
The EUR/USD strikes back to a two week high as of 1.3323
The EUR/USD consolidated above the 1.3300 area, ahead of Friday’s Euro group meeting. Thus, today ECB president Draghi and EU’s Rehn are listed to speak in Latvia, which is due to adopt the euro on 1 Jan 2014. Furthermore, today we have Euro zone industrial production at 9:00 GMT hours, while the Euro land highlight data of the day will be President’s Draghi speech. On the other coast of the Atlantic, news data is still second tier today; weekly jobless claims, seen ticking back up to 330K from a low 323K the prior week, plus import prices and the monthly budget data.
Technical outlook on EUR/USD
According to Karen Jones, Head Technical Analyst of Commerzbank, “EUR/USD’s bounce off the 50% retracement of the July-to-August rally at 1.3104 has so far taken it to 1.3281 where the 50% retracement of the August-to-September decline can be seen. The 1.3300 region could also be reached but around it another down leg should be made. We still look for a slide to 1.3020 and then 1.2904. These are the 61.8% and the 78.6% retracements of the move up from July, en route to the 1.2755 July low. Only an unexpected rise above the August 1.3453 high will allow gains to the 1.3500/20 region. This is not our favored view and we believe that the currency pair will see another leg lower towards 1.3050/25 instead. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15-minutes timeframe chart. Daily pivot point support can be found at 1.3277, 1.3244, 1.3211, and resistance at 1.3359, 1.3392 and 1.3426, respectively. The interim resistance is between 1.3320/40 level-if it is clearly broken, the pair could move upward to 1.3420,1.3450 and 1.4350 area.