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17 Sep 2013
EUR/USD lacking follow through
FXstreet.com (Córdoba) - Following a limited correction, EUR/USD managed to resume the advance on Tuesday, underpinned by solid German ZEW data.
EUR/USD weekly opening gap still in place
EUR/USD was rejected from the 1.3385 zone Monday and slid toward 1.3325 before finding support and bouncing, leaving the weekly opening gap still in place. EUR/USD is being supported not only by strong German data, but also by USD weakness ahead of the FOMC meeting, where investors are expecting the Fed to announce the ‘Septaper’.
EUR/USD is currently trading at the 1.3360 zone, 0.2% above its opening price, having hit a daily high of 1.3367 in recent dealings. Next on tap, the US will publish consumer inflation figures.
EUR/USD maintains the positive tone
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the EUR/USD maintains the positive tone still pointing for a test of the 1.3415/50 area, although lacking follow through. “As for the short term, accelerations above 1.3385 should signal a short term continuation rally up to 1.3450, while below 1.3320 price may attempt to test 1.3285, strong static Fibonacci support, 23.6% retracement of the July/August bullish run”.
EUR/USD weekly opening gap still in place
EUR/USD was rejected from the 1.3385 zone Monday and slid toward 1.3325 before finding support and bouncing, leaving the weekly opening gap still in place. EUR/USD is being supported not only by strong German data, but also by USD weakness ahead of the FOMC meeting, where investors are expecting the Fed to announce the ‘Septaper’.
EUR/USD is currently trading at the 1.3360 zone, 0.2% above its opening price, having hit a daily high of 1.3367 in recent dealings. Next on tap, the US will publish consumer inflation figures.
EUR/USD maintains the positive tone
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the EUR/USD maintains the positive tone still pointing for a test of the 1.3415/50 area, although lacking follow through. “As for the short term, accelerations above 1.3385 should signal a short term continuation rally up to 1.3450, while below 1.3320 price may attempt to test 1.3285, strong static Fibonacci support, 23.6% retracement of the July/August bullish run”.