23 Oct 2013
EUR/USD ready for 1.3800?
FXstreet.com (Edinburgh) -The single currency returned to the upper band of the weekly range, with the EUR/USD meandering around 1.3780/90.
EUR/USD focus on tomorrow’s PMI
The pair remains surprisingly resilient near the key barrier at 1.3800 despite the risk-off trade prevailed throughout the session. The likeliness of a break above 1.3800 remains alive ahead of the release of manufacturing/services PMI prints in the euro area due tomorrow, as market consensus points to a continuation of the recent upbeat results. “The rise above 1.3700 led to the resistance levels we had indicated in our analysis yesterday at 1.3800. There are accumulated resistance levels at 1.3790-3830 area, and they will not be easily broken. However, basic target in the weekly chart area set at 1.4000 area”, commented George Antonakos, Analyst at Chartist.
EUR/USD key levels
At the moment the pair is now up 0.01% at 1.3782 with the initial resistance at 1.3793 (2013 high Oct.22) followed by 1.3800 (psychological level) and then 1.3815 (high Nov.14 2011). On the flip side, a breakdown of 1.3741 (low Oct.23) would aim for 1.3711 (high Feb.1) and finally 1.3662 (low Oct.22).
EUR/USD focus on tomorrow’s PMI
The pair remains surprisingly resilient near the key barrier at 1.3800 despite the risk-off trade prevailed throughout the session. The likeliness of a break above 1.3800 remains alive ahead of the release of manufacturing/services PMI prints in the euro area due tomorrow, as market consensus points to a continuation of the recent upbeat results. “The rise above 1.3700 led to the resistance levels we had indicated in our analysis yesterday at 1.3800. There are accumulated resistance levels at 1.3790-3830 area, and they will not be easily broken. However, basic target in the weekly chart area set at 1.4000 area”, commented George Antonakos, Analyst at Chartist.
EUR/USD key levels
At the moment the pair is now up 0.01% at 1.3782 with the initial resistance at 1.3793 (2013 high Oct.22) followed by 1.3800 (psychological level) and then 1.3815 (high Nov.14 2011). On the flip side, a breakdown of 1.3741 (low Oct.23) would aim for 1.3711 (high Feb.1) and finally 1.3662 (low Oct.22).