28 Oct 2013
EUR/USD flat around 1.3800
FXstreet.com (Edinburgh) - The single currency is now hovering over 1.3800 the figure at the beginning of the trading week in Europe, with the EUR/USD now retracing overnight gains near 1.3820.
EUR/USD posed to rangebound
The absence of data in the euro zone today will surely leave the pair to the mercy of the risk trend ahead of the more interesting docket in the US economy, where Industrial Production figures, Capacity Utilization and Pending Home Sales are due for the month of September, ahead of the manufacturing gauge of the Dallas Fed index. “Have traded 1.27/1.37 over the past year, the technical implication of a sustained push through 1.3710 would be an extension towards the 1.46/1.47 area over the next 6-12 months”, noted analysts at TD Securities.
EUR/USD levels to watch
The pair is now down 0.04% at 1.3798 and a break below 1.3741 (low Oct.23) would open the door to 1.3700 (psychological level) and finally 1.3662 (low Oct.22). On the upside, the next barrier aligns at 1.3832 (2013 high Oct.25) ahead of 1.3826 (high Oct.24) and finally 1.3859 (high Nov.11 2011).
EUR/USD posed to rangebound
The absence of data in the euro zone today will surely leave the pair to the mercy of the risk trend ahead of the more interesting docket in the US economy, where Industrial Production figures, Capacity Utilization and Pending Home Sales are due for the month of September, ahead of the manufacturing gauge of the Dallas Fed index. “Have traded 1.27/1.37 over the past year, the technical implication of a sustained push through 1.3710 would be an extension towards the 1.46/1.47 area over the next 6-12 months”, noted analysts at TD Securities.
EUR/USD levels to watch
The pair is now down 0.04% at 1.3798 and a break below 1.3741 (low Oct.23) would open the door to 1.3700 (psychological level) and finally 1.3662 (low Oct.22). On the upside, the next barrier aligns at 1.3832 (2013 high Oct.25) ahead of 1.3826 (high Oct.24) and finally 1.3859 (high Nov.11 2011).