4 Nov 2013
EUR/USD hits fresh highs after factory orders
FXstreet.com (Córdoba) - Following a short-lived correction, the EUR/USD resumed its recovery and printed fresh daily highs above 1.3500 after data showed US factory orders grew pretty much in line with forecasts.
US factory orders rose 1.7% in September against 1.8% expected, while separated data showed ISM New York index rose to 59.3 in October. The EUR/USD climbed back above 1.3500 and reached a high of 1.3519 before losing momentum. At time of writing, the pair is trading around 1.3515, recording a 0.3% gain on the day, having bounced from a low of 1.3442 hit during the Asian session.
EUR/USD technical outlook
As for the technical readings, Valeria Bednarik, chief analyst at FXstreet.com comments that in the hourly chart, the EUR/USD shows indicators already corrected extreme oversold readings and turned flat. "Failure to advance beyond the 1.35 figure maintains the risk to the downside, with 1.3450 area still key support", said the analyst.
Bednarik locates immediate support levels at 1.3450, 1.3415 and 1.3370, while she places next resistances at 1.3550 and 1.3580.
US factory orders rose 1.7% in September against 1.8% expected, while separated data showed ISM New York index rose to 59.3 in October. The EUR/USD climbed back above 1.3500 and reached a high of 1.3519 before losing momentum. At time of writing, the pair is trading around 1.3515, recording a 0.3% gain on the day, having bounced from a low of 1.3442 hit during the Asian session.
EUR/USD technical outlook
As for the technical readings, Valeria Bednarik, chief analyst at FXstreet.com comments that in the hourly chart, the EUR/USD shows indicators already corrected extreme oversold readings and turned flat. "Failure to advance beyond the 1.35 figure maintains the risk to the downside, with 1.3450 area still key support", said the analyst.
Bednarik locates immediate support levels at 1.3450, 1.3415 and 1.3370, while she places next resistances at 1.3550 and 1.3580.