26 Nov 2013
EUR/USD fades the spike to 1.3570
FXstreet.com (Edinburgh) - The bloc currency is now losing some upside momentum, with the EUR/USD retreating from recent weekly highs beyond 1.3570 on Tuesday.
EUR/USD firmer on Coeure’s comments
The pair gained steam after mixed comments by ECB’s Coeure, discarding the possibility of disinflationary pressures to extend further in the euro area, while at the same time he did not rule out the adoption of negative deposit rates, considering it one more tool in the ECB’s arsenal. According to Tim Riddell, Head of Global Markets Research at ANZ, “The faltering or rebounds around 1.3560 and the overlapping nature of the recent bounce suggest that, even if interim support in the 1.3380 area holds, that further rebounds will also be seen as corrective and again falter in the 1.3560-1.3635 retracement zone”.
EUR/USD key levels
The pair is now advancing 0.25% at 1.3554 with the next resistance at 1.3575 (MA30d) ahead of 1.3584 (high Nov.20) and finally 1.3589 (high Nov.1). On the downside, a break below 1.3504 (MA10d) would bring 1.3490 (low Nov.25) followed by 1.3463 (low Nov.22).
EUR/USD firmer on Coeure’s comments
The pair gained steam after mixed comments by ECB’s Coeure, discarding the possibility of disinflationary pressures to extend further in the euro area, while at the same time he did not rule out the adoption of negative deposit rates, considering it one more tool in the ECB’s arsenal. According to Tim Riddell, Head of Global Markets Research at ANZ, “The faltering or rebounds around 1.3560 and the overlapping nature of the recent bounce suggest that, even if interim support in the 1.3380 area holds, that further rebounds will also be seen as corrective and again falter in the 1.3560-1.3635 retracement zone”.
EUR/USD key levels
The pair is now advancing 0.25% at 1.3554 with the next resistance at 1.3575 (MA30d) ahead of 1.3584 (high Nov.20) and finally 1.3589 (high Nov.1). On the downside, a break below 1.3504 (MA10d) would bring 1.3490 (low Nov.25) followed by 1.3463 (low Nov.22).