25 Oct 2013
EUR/USD closing the week around 1.3800
FXstreet.com (Edinburgh) -The EUR/USD remains anchored around 1.3800 the figure, as markets in the US are drawing to a close.
EUR/USD rally intact
The pair keeps the bullishness intact, advancing for two weeks in a row including fresh 2013 highs near 1.3840, amidst a generalized offered tone surrounding the greenback. In the opinion of Camilla Sutton, Chief Strategist at Scotiabank, commented, “EUR appears to be consolidating around 1.3800, a level not seen since November 2011, following a nearly 8.5% rally from its lows in early July”. The expert added that technical studies are shifting to neutral from bullish, “momentum indicators are bullish but softening, as the RSI stalls around 74, above oversold levels usually considered to be triggered upon a break of 70. Meanwhile, EUR is well above both short and medium term trend indicators, with near term support expected around 1.3680”.
EUR/USD levels to watch
The pair is now up 0.01% at 1.3802 with the immediate resistance at 1.3832 (2013 high Oct.25) ahead of 1.3826 (high Oct.24) and finally 1.3859 (high Nov.11 2011). On the downside, a break below 1.3741 (low Oct.23) would open the door to 1.3700 (psychological level) and finally 1.3662 (low Oct.22).
EUR/USD rally intact
The pair keeps the bullishness intact, advancing for two weeks in a row including fresh 2013 highs near 1.3840, amidst a generalized offered tone surrounding the greenback. In the opinion of Camilla Sutton, Chief Strategist at Scotiabank, commented, “EUR appears to be consolidating around 1.3800, a level not seen since November 2011, following a nearly 8.5% rally from its lows in early July”. The expert added that technical studies are shifting to neutral from bullish, “momentum indicators are bullish but softening, as the RSI stalls around 74, above oversold levels usually considered to be triggered upon a break of 70. Meanwhile, EUR is well above both short and medium term trend indicators, with near term support expected around 1.3680”.
EUR/USD levels to watch
The pair is now up 0.01% at 1.3802 with the immediate resistance at 1.3832 (2013 high Oct.25) ahead of 1.3826 (high Oct.24) and finally 1.3859 (high Nov.11 2011). On the downside, a break below 1.3741 (low Oct.23) would open the door to 1.3700 (psychological level) and finally 1.3662 (low Oct.22).