6 Nov 2013
EUR/USD consolidates below 1.3530
FXstreet.com (Córdoba) - The advance of the euro against the dollar propelled by Germany factory orders data stalled at the 1.3530 zone, confining EUR/USD to a phase of consolidation over the last hours.
EUR/USD finds resistance at 1.3530
Even though the EUR/USD managed to print a fresh weekly high of 1.3531 Wednesday, it remains within familiar ranges as investors refrain from taking big positions ahead of the European Central Bank decision tomorrow and the US NFP Friday. At time of writing, the EUR/USD is trading at the 1.3505 area, recording a 0.2% gain on the day.
What if ECB doesn't deliver?
Regarding the ECB decision, the BBH analyst team commented that the "EUR/USD has so far been unable to break below $1.3450 this week, and if the ECB doesn't deliver a cut as some expect, the pair could see a bit of a bounce to end the week".
EUR/USD technical levels
As for technical levels, EUR/USD could find immediate resistances at 1.3531 (daily high) and 1.3589 (Nov 1 high) followed by 1.3600 (psychological level). On the other hand, supports are seen at 1.3466 (daily low) and 1.3442 (Nov 4 low).
EUR/USD finds resistance at 1.3530
Even though the EUR/USD managed to print a fresh weekly high of 1.3531 Wednesday, it remains within familiar ranges as investors refrain from taking big positions ahead of the European Central Bank decision tomorrow and the US NFP Friday. At time of writing, the EUR/USD is trading at the 1.3505 area, recording a 0.2% gain on the day.
What if ECB doesn't deliver?
Regarding the ECB decision, the BBH analyst team commented that the "EUR/USD has so far been unable to break below $1.3450 this week, and if the ECB doesn't deliver a cut as some expect, the pair could see a bit of a bounce to end the week".
EUR/USD technical levels
As for technical levels, EUR/USD could find immediate resistances at 1.3531 (daily high) and 1.3589 (Nov 1 high) followed by 1.3600 (psychological level). On the other hand, supports are seen at 1.3466 (daily low) and 1.3442 (Nov 4 low).