27 Sep 2013
EUR/USD floating around 1.3500
FXstreet.com (Edinburgh) -The bid tone in the EUR/USD looks set to prevail amongst traders on Friday, at least until Draghi’s second speech due later, where a dovish tone is expected.
EUR/USD all eyes on Draghi
While the pair continues to escalate further beyond the 1.3500 handle, market participants are eagerly waiting for President Draghi’s speech, with consensus in the FX community pointing to a repetition of the dovish tone already seen on Monday. Analyst Stoyan Mihaylov at DeltaStock.com suggested, “The recent break through 1.3520 signals a reversal at 1.3460, but I think, that the consolidation pattern below 1.3568 high is still underway, so I favor a break through 1.3493 intraday support to initiate a dip towards 1.3390. Crucial resistance on the upside is 1.3540”.
EUR/USD levels to watch
At the moment the pair is up 0.14% at 1.3508 with the next resistance at 1.3555 (high Sep.23) ahead of 1.3569 (high Sep.19) and finally 1.3598 (high Feb.5). On the downside, a breach of 1.3459 (23.6% of 1.3104-.13569) would bring 1.3453 (high Aug.20) and then 1.3399 (high Aug.28).
EUR/USD all eyes on Draghi
While the pair continues to escalate further beyond the 1.3500 handle, market participants are eagerly waiting for President Draghi’s speech, with consensus in the FX community pointing to a repetition of the dovish tone already seen on Monday. Analyst Stoyan Mihaylov at DeltaStock.com suggested, “The recent break through 1.3520 signals a reversal at 1.3460, but I think, that the consolidation pattern below 1.3568 high is still underway, so I favor a break through 1.3493 intraday support to initiate a dip towards 1.3390. Crucial resistance on the upside is 1.3540”.
EUR/USD levels to watch
At the moment the pair is up 0.14% at 1.3508 with the next resistance at 1.3555 (high Sep.23) ahead of 1.3569 (high Sep.19) and finally 1.3598 (high Feb.5). On the downside, a breach of 1.3459 (23.6% of 1.3104-.13569) would bring 1.3453 (high Aug.20) and then 1.3399 (high Aug.28).