Filed Under:
Forex pairs in this Article » EUR/USD (Edinburgh) -The EUR/USD keeps correcting lower on Tuesday, rapidly leaving behind the key support at 1.3500 as the selling pressure continues to pick up pace.

EUR/USD heading to August highs at 1.3453?

Disappointing results from the ZEW Survey in both Germany and EMU plus a firmer tone from the greenback are plotting against any bull attempt so far. The recent failure to break above and sustain levels beyond 1.3600 the figure would also be adding fuel to the downside. In light of the ongoing US fiscal stand-off, analysts at TD Securities commented, “ While we expect Congress to run down the clock as we approach October 17th, the odds of a negative tail risk remain relatively low as both parties remain at the negotiating table…We continue to expect an 11th hour agreement to be reached in time to avert disaster, but not before markets and consumers suffer further fiscal policy-inspired uncertainty”

EUR/USD key levels

At the moment the pair is losing 0.52% at 1.3488 and a breakdown of 1.3467 (low Sep.30) would expose 1.3462 (low Sep.25) and finally 1.3444 (MA30d). On the upside, the initial resistance lies at 1.3571 (high Oct.15) followed by 1.3598 (high Oct.14) and then 1.3605 (high Oct.9).
comments powered by Disqus