24 Sep 2013
EUR/USD back below 1.3500 on IFO
FXstreet.com (Edinburgh) -The single currency surrendered initial gains after the German IFO series disappointed investors in September, dragging the EUR/USD to levels below 1.3500 the figure.
EUR/USD on its way to test lows
The pair intensified its negative sentiment after the Business Climate component came in at 107.7 vs. expectations at 108.2 and Current Assessment followed suit dropping to 111.4. Only the Expectations series surpassed estimates and previous reading at 104.2. There are no more releases in the euro docket today, while market participants would now shift their attention to US Consumer Confidence and housing data due later. FOMC member Pianalto will also give a speech. Stoyan Mihaylov, Strategist at DeltaStock.com, suggested, “The consolidation pattern below 1.3568 is still underway and although there is risk of tighter test above 1.3450 major support, the overall bias is bullish, for a rise towards 1.3710”.
EUR/USD key levels
At the moment the pair is up 0.07% at 1.3503 facing the next hurdle at 1.3525 (hourly cloud top) followed by 1.3555 (high Sep.23) and finally 1.3569 (high Sep.19). On the downside, a break below 1.3453 (high Aug.20) would target 1.3399 (high Aug.28) en route to 1.3385 (high sep.16).
EUR/USD on its way to test lows
The pair intensified its negative sentiment after the Business Climate component came in at 107.7 vs. expectations at 108.2 and Current Assessment followed suit dropping to 111.4. Only the Expectations series surpassed estimates and previous reading at 104.2. There are no more releases in the euro docket today, while market participants would now shift their attention to US Consumer Confidence and housing data due later. FOMC member Pianalto will also give a speech. Stoyan Mihaylov, Strategist at DeltaStock.com, suggested, “The consolidation pattern below 1.3568 is still underway and although there is risk of tighter test above 1.3450 major support, the overall bias is bullish, for a rise towards 1.3710”.
EUR/USD key levels
At the moment the pair is up 0.07% at 1.3503 facing the next hurdle at 1.3525 (hourly cloud top) followed by 1.3555 (high Sep.23) and finally 1.3569 (high Sep.19). On the downside, a break below 1.3453 (high Aug.20) would target 1.3399 (high Aug.28) en route to 1.3385 (high sep.16).