9 Dec 2013
EUR/USD back in the red and below breakout point of 1.3708 ahead of European session
FXstreet.com (Barcelona) - The EUR/USD enters the European trading hours back below the broken “correction resistance” level from last week at 1.3708. Technicians still need to see some follow through this week for breakout confirmation.
EUR/USD traders to monitor European and US data Monday
Monday, EUR/USD traders will be monitoring the release of German Trade Balance and Industrial Production data as well as European Sentix Investor Confidence numbers. Later during the US session, the US Fed’s Jeffrey Lacker, Richard Fisher and James Bullard will all be speaking to various audiences in the U.S. – possibly offering better visibility to when the Fed will be commencing their QE-tapering program.
Technical outlook for EURUSD
Technicians say the EUR/USD needs to hold above the broken “correction resistance” level at 1.3708 to confirm the breakout fro mast week. Next resistance comes in at 1.3803 – the 10/25 close. The short-term support for the cross comes in at Friday’s low of 1.3619 and is followed by Tuesday’s low of 1.3523.
EUR/USD traders to monitor European and US data Monday
Monday, EUR/USD traders will be monitoring the release of German Trade Balance and Industrial Production data as well as European Sentix Investor Confidence numbers. Later during the US session, the US Fed’s Jeffrey Lacker, Richard Fisher and James Bullard will all be speaking to various audiences in the U.S. – possibly offering better visibility to when the Fed will be commencing their QE-tapering program.
Technical outlook for EURUSD
Technicians say the EUR/USD needs to hold above the broken “correction resistance” level at 1.3708 to confirm the breakout fro mast week. Next resistance comes in at 1.3803 – the 10/25 close. The short-term support for the cross comes in at Friday’s low of 1.3619 and is followed by Tuesday’s low of 1.3523.