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Forex pairs in this Article » EUR/USD (Edinburgh) - The bloc currency is extending the consolidation pattern around the 1.3500 handle on Tuesday, with the EUR/USD coming down from overnight tops beyond 1.3520.

EUR/USD focus on ZEW

The German ZEW Survey is due today following results from the Italian industrial sector and EMU’s Construction Output. According to market consensus the key Economic Sentiment component is expected to improve to 54.0 for the month of November from 52.8 previous. The US docket is flat with the most relevant events being the speeches by Treasury Secretary Lew followed by Fed’s Evans. Chinese data showing that Foreign Direct Investment expanded 5.77% during October vs. 6.20% in the previous month seemed to prevent the pair to climb further during the Asian session, returning to the vicinity of 1.3500 the figure. Analysts at HSBC commented “In current conditions, it would be tempting to argue that the rise in the EUR is appropriate given the euro zone economy has shown signs of revival. But the reality is that the pick-up in activity is modest”.

EUR/USD key levels

The pair is now up 0.07% at 1.3514 with the next resistance at 1.3542 (high Nov.18) ahead of 1.3548 (high Nov.6) and then 1.3583 (MA21d). On the flip side, a breakdown of 1.3483 (daily cloud top) would aim for 1.3473 (low Nov.18) and finally 1.3456 (MA10d).
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