5 Nov 2013
EUR/USD in standstill mode
FXstreet.com (Córdoba) - The EUR/USD seems unable to wake up from its slumber as it continues gravitate 1.3500 despite short-lived spikes.
EUR/USD consolidates ahead of ISM services
After failing to overcome the 1.3520 zone, the EUR/USD came under mild pressure and slid to a low of 1.3477 but the USD lacked strength to drag the price lower and so the EUR/USD continues to trade sideways around 1.3500. At time of writing, EUR/USD is quoting at the 1.3490 zone, still 0.2% below its opening price ahead of the ISM non-manufacturing PMI, which will be the main event during the New York session.
EUR/USD with potential for more downside after ECB
"The upcoming North American session could provide some stronger catalysts, with a handful of speakers from the Fed and ECB, as well as the US ISM release", said the TD Securities team. "In all likelihood though, this week’s range trading should persist ahead of the main events toward the end of the week (the ECB on Thursday and US jobs on Friday)". Analysts added that there is potential for more downside if the ECB takes a more dovish tone on Thursday.
EUR/USD technical levels
As for of technical levels EUR/USD could find immediate resistances at 1.3520 (daily high) and 1.3580 (100-hour SMA). On the other hand, supports are seen at 1.3477 (daily low) and 1.3442 (Nov 4 low).
EUR/USD consolidates ahead of ISM services
After failing to overcome the 1.3520 zone, the EUR/USD came under mild pressure and slid to a low of 1.3477 but the USD lacked strength to drag the price lower and so the EUR/USD continues to trade sideways around 1.3500. At time of writing, EUR/USD is quoting at the 1.3490 zone, still 0.2% below its opening price ahead of the ISM non-manufacturing PMI, which will be the main event during the New York session.
EUR/USD with potential for more downside after ECB
"The upcoming North American session could provide some stronger catalysts, with a handful of speakers from the Fed and ECB, as well as the US ISM release", said the TD Securities team. "In all likelihood though, this week’s range trading should persist ahead of the main events toward the end of the week (the ECB on Thursday and US jobs on Friday)". Analysts added that there is potential for more downside if the ECB takes a more dovish tone on Thursday.
EUR/USD technical levels
As for of technical levels EUR/USD could find immediate resistances at 1.3520 (daily high) and 1.3580 (100-hour SMA). On the other hand, supports are seen at 1.3477 (daily low) and 1.3442 (Nov 4 low).