13 Jan 2014
EUR/USD drifting post stop loss fall out
FXstreet.com (Barcelona) - EUR/USD has been held up against 1.3685 resistance with European corporate supply on the chatter which is capping the upside.
EUR/USD stops were triggered and a drop and a drift to 1.3637 the lows over the session has ensued. The pair has found a base there for the time being, easing back into 1.3640/50’s. Meanwhile, there seems to be a single overriding driver of the global capital markets in the coming days, according to strategists at Brown Brothers Harriman, “ It is how investors see the implications of last week's dismal jobs data. In particular, many observers are suggesting that it raises doubts over the Fed's willingness to continue to pull back from its asset purchases, as generally outlined alongside last month's tapering decision. Some observers have linked it to arguments that the economy has become dependent on QE and at the first sign of withdrawal, there is a loss of activity”.
EUR/USD Levels
FX Streets average weekly price target price target of 1.3610 for this week is only a 30 pips above last week's average, but still powering up. The 20 DMA is 1.3684, the 50 DMA is 1.3610 and the 200 DMA is 1.3335. RSI (14) reads 32.6. Supports are ascending from, 1.3560, 1.3601, 1.3634. Spot is 1.3657 while resistances are 1.3680, 1.3688, 1.3729, 1.3743 and 1.3778.
EUR/USD stops were triggered and a drop and a drift to 1.3637 the lows over the session has ensued. The pair has found a base there for the time being, easing back into 1.3640/50’s. Meanwhile, there seems to be a single overriding driver of the global capital markets in the coming days, according to strategists at Brown Brothers Harriman, “ It is how investors see the implications of last week's dismal jobs data. In particular, many observers are suggesting that it raises doubts over the Fed's willingness to continue to pull back from its asset purchases, as generally outlined alongside last month's tapering decision. Some observers have linked it to arguments that the economy has become dependent on QE and at the first sign of withdrawal, there is a loss of activity”.
EUR/USD Levels
FX Streets average weekly price target price target of 1.3610 for this week is only a 30 pips above last week's average, but still powering up. The 20 DMA is 1.3684, the 50 DMA is 1.3610 and the 200 DMA is 1.3335. RSI (14) reads 32.6. Supports are ascending from, 1.3560, 1.3601, 1.3634. Spot is 1.3657 while resistances are 1.3680, 1.3688, 1.3729, 1.3743 and 1.3778.