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27 Sep 2013
EUR/USD retraces to 1.3520
FXstreet.com (Edinburgh) - The single currency is extending its correction lower vs. the greenback on Friday, with the EUR/USD now returning to 1.3520/25 after hitting peaks below 1.3570.
EUR/USD faces key week ahead
The upcoming week will be crucial for the aspirations of the pair to reach 2013 highs beyond 1.3700 the figure, as the ECB will hold its monetary policy meeting and the US fiscal gridlock will face its deadline on October 1st, all preceding the biggest event in the FX markets: the US Non farm Payrolls. Camilla Sutton, Chief Strategist at Scotiabank, observes that short-term technical studies remain bullish, “with all studies clinging to buy signals. However, as spot has fallen into its 7‐session range, the longs are getting frustrated once again. We are biased for further near‐term EUR upside; but think there is better reward elsewhere”.
EUR/USD levels to watch
At the moment the pair is up 0.24% at 1.3520 with the next resistance at 1.3569 (high Sep.19) ahead of 1.3598 (high Feb.5) and finally 1.3660 (high Feb.4). On the downside, a break below 1.3459 (23.6% of 1.3104-.13569) would target 1.3453 (high Aug.20) en route to 1.3399 (high Aug.28).
EUR/USD faces key week ahead
The upcoming week will be crucial for the aspirations of the pair to reach 2013 highs beyond 1.3700 the figure, as the ECB will hold its monetary policy meeting and the US fiscal gridlock will face its deadline on October 1st, all preceding the biggest event in the FX markets: the US Non farm Payrolls. Camilla Sutton, Chief Strategist at Scotiabank, observes that short-term technical studies remain bullish, “with all studies clinging to buy signals. However, as spot has fallen into its 7‐session range, the longs are getting frustrated once again. We are biased for further near‐term EUR upside; but think there is better reward elsewhere”.
EUR/USD levels to watch
At the moment the pair is up 0.24% at 1.3520 with the next resistance at 1.3569 (high Sep.19) ahead of 1.3598 (high Feb.5) and finally 1.3660 (high Feb.4). On the downside, a break below 1.3459 (23.6% of 1.3104-.13569) would target 1.3453 (high Aug.20) en route to 1.3399 (high Aug.28).