31 Jul 2013
EUR/USD grinding sideways above 1.3252 support ahead of data
FXstreet.com (Barcelona) - The EUR/USD has been biding its time throughout the last several sessions leading up to Wednesday’s busy economic calendar in Europe and the US.
EUR/USD should move Wednesday as key data is due out
Traders in EUR/USD will have German unemployment and EuroZone CPI data to digest in the morning and US GDP and the Federal Reserve’s interest rate decision to absorb later in the session Wednesday. The cross enters the data flow still holding up above Friday’s low of 1.3252 and still sporting a short-term bullish chart according to technicians.
Technical outlook for EUR/USD
As noted above, technicians remain bullish of the EUR/USD in the short-term with an upside target of 1.3417. Very short-term resistance comes in at Friday’s high of 1.3296 and is backed up by Fibonacci projections at 1.3321 and 1.3364. Short-term support comes in at Friday’s low of 1.3252 and is followed up by additional support at the low of the last two days at 1.3234 and then the 7/18 closing low of 1.3107.
EUR/USD should move Wednesday as key data is due out
Traders in EUR/USD will have German unemployment and EuroZone CPI data to digest in the morning and US GDP and the Federal Reserve’s interest rate decision to absorb later in the session Wednesday. The cross enters the data flow still holding up above Friday’s low of 1.3252 and still sporting a short-term bullish chart according to technicians.
Technical outlook for EUR/USD
As noted above, technicians remain bullish of the EUR/USD in the short-term with an upside target of 1.3417. Very short-term resistance comes in at Friday’s high of 1.3296 and is backed up by Fibonacci projections at 1.3321 and 1.3364. Short-term support comes in at Friday’s low of 1.3252 and is followed up by additional support at the low of the last two days at 1.3234 and then the 7/18 closing low of 1.3107.