14 Nov 2013
EUR/USD through 1.3475 – now needs to conquer 1.3500 to solidify breakout
FXstreet.com (Barcelona) - The EUR/USD broke through the first level of potential resistance at 1.3475 and is now testing the true short-term “line in the sand” resistance for EUR/USD bears at 1.3500.
EUR/USD acting like US is the new Japan – and justifiably so based on Bernanke / Yellen
The EUR/USD is now just a few ticks away from putting the bears to sleep for the winter – but any experienced trader would tell you that it is wise to wait for those few ticks to actually play out rather than acting in anticipation of them doing so. A Bernanke / Yellen-induced rally through the 1.3500 level is what EUR/USD bulls are aching to see.
Later Thursday, EUR/USD traders will be reacting to European data (French GDP, German GDP, Eurogroup meeting headlines, the ECB Monthly Report and the EU’s GDP) as well as US data (weekly jobless claims, non-farm productivity and trade balance) and more musings from the dovish dynamic duo of Ben Bernanke and Janet Yellen.
Technical outlook for EURUSD
Technicians say the chart of the EUR/USD could repair itself technically if it can manage to close back above the broken uptrend line at around 1.3500. That level is backed up by the 11/6 high of 1.3547. The nearest support levels for EUR/USD comes in at Wednesday’s low of 1.3389 and Tuesday’s low of 1.3358.
EUR/USD acting like US is the new Japan – and justifiably so based on Bernanke / Yellen
The EUR/USD is now just a few ticks away from putting the bears to sleep for the winter – but any experienced trader would tell you that it is wise to wait for those few ticks to actually play out rather than acting in anticipation of them doing so. A Bernanke / Yellen-induced rally through the 1.3500 level is what EUR/USD bulls are aching to see.
Later Thursday, EUR/USD traders will be reacting to European data (French GDP, German GDP, Eurogroup meeting headlines, the ECB Monthly Report and the EU’s GDP) as well as US data (weekly jobless claims, non-farm productivity and trade balance) and more musings from the dovish dynamic duo of Ben Bernanke and Janet Yellen.
Technical outlook for EURUSD
Technicians say the chart of the EUR/USD could repair itself technically if it can manage to close back above the broken uptrend line at around 1.3500. That level is backed up by the 11/6 high of 1.3547. The nearest support levels for EUR/USD comes in at Wednesday’s low of 1.3389 and Tuesday’s low of 1.3358.