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31 Oct 2013
EUR/USD supported at 1.3640
FXstreet.com (Edinburgh) -The intraday decline of the single currency seems to have found decent support on Thursday, with the EUR/USD now attempting a tepid bounce to the area of 1.3645/50.
EUR/USD remains offered
The weakness around the pair is well exposed today, accelerating the descent from yesterday’s peaks beyond 1.3780 to session troughs below 1.3640 on poor data from Germany and the euro area. Results from the weekly report on the US labour market marginally helped the greenback, with Claims decreasing by 10K in the week ended on October 25th, just above estimates. Next on tap will be the Chicago PMI for the present month, expected at 55.0 from 55.7. Analysts at UBS keep a bullish stance on the pair, adding “The recent setback is staged from the critical resistance at 1.3833. This move lower is viewed as a correction within a bullish trend and downside will be limited. Support is at 1.3695 ahead of 1.3610”.
EUR/USD levels to watch
At the moment the pair is down 0.65% at 1.3646 facing the next support at 1.3610 (MA30d) followed by 1.3600 (psychological level) and then 1.3516 (low Oct.17). On the upside, a break above 1.3739 (high Oct.31) would expose 1.3787 (high Oct.30) and finally 1.3818 (high Oct.28).
EUR/USD remains offered
The weakness around the pair is well exposed today, accelerating the descent from yesterday’s peaks beyond 1.3780 to session troughs below 1.3640 on poor data from Germany and the euro area. Results from the weekly report on the US labour market marginally helped the greenback, with Claims decreasing by 10K in the week ended on October 25th, just above estimates. Next on tap will be the Chicago PMI for the present month, expected at 55.0 from 55.7. Analysts at UBS keep a bullish stance on the pair, adding “The recent setback is staged from the critical resistance at 1.3833. This move lower is viewed as a correction within a bullish trend and downside will be limited. Support is at 1.3695 ahead of 1.3610”.
EUR/USD levels to watch
At the moment the pair is down 0.65% at 1.3646 facing the next support at 1.3610 (MA30d) followed by 1.3600 (psychological level) and then 1.3516 (low Oct.17). On the upside, a break above 1.3739 (high Oct.31) would expose 1.3787 (high Oct.30) and finally 1.3818 (high Oct.28).