5 Nov 2013
EUR/USD prints 1.3532 session highs
FXstreet.com (Chicago) - EUR/USD prints higher highs and lows and yet retraces from the 1.3523 session highs shortly after market participants reacted positively to Tokyo’s opening, sending the pair higher.
According to FXstreet.com analyst, Valeria Bednarik, “the EUR/USD extended its decline down to 1.3441 this Monday, from where it quickly bounced back to 1.3500, consolidating around this last ever since. Seems bears are for now exhausted, but buyers are also wary at this point, not because of the technical levels, but because of the hurdle of key data for both economies that will be released later this week. Despite last week rumors the ECB may be considering a rate cut due to the drop in inflation, truth is chances are pretty small; on the other hand the US will publish its GDP and employment readings post shutdown, expected to reflect a strong drop in both leaving little room to the downside in the pair. Technical readings give no clues on short term movements, maintaining a pretty neutral stance but from a fundamental point of view, the upside remains favored as well as buying the dips all the way down to 1.3370.”
EUR/USD Technical Levels
Technically speaking, hourly charts evidence a strong rally positioning the pair above the 1.3520 zone at Tokyo’s opening. Offered at 1.3521, the pair oscillates between the supports aligned at 1.35 (October 1st lows), 1.3476 (October 16th lows) ahead of 1.34 (August 27th highs) and the resistances set at 1.3569 (September 19th highs), 1.36 (October 8th highs) ahead of 1.3647 (October 4th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
According to FXstreet.com analyst, Valeria Bednarik, “the EUR/USD extended its decline down to 1.3441 this Monday, from where it quickly bounced back to 1.3500, consolidating around this last ever since. Seems bears are for now exhausted, but buyers are also wary at this point, not because of the technical levels, but because of the hurdle of key data for both economies that will be released later this week. Despite last week rumors the ECB may be considering a rate cut due to the drop in inflation, truth is chances are pretty small; on the other hand the US will publish its GDP and employment readings post shutdown, expected to reflect a strong drop in both leaving little room to the downside in the pair. Technical readings give no clues on short term movements, maintaining a pretty neutral stance but from a fundamental point of view, the upside remains favored as well as buying the dips all the way down to 1.3370.”
EUR/USD Technical Levels
Technically speaking, hourly charts evidence a strong rally positioning the pair above the 1.3520 zone at Tokyo’s opening. Offered at 1.3521, the pair oscillates between the supports aligned at 1.35 (October 1st lows), 1.3476 (October 16th lows) ahead of 1.34 (August 27th highs) and the resistances set at 1.3569 (September 19th highs), 1.36 (October 8th highs) ahead of 1.3647 (October 4th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.