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Forex pairs in this Article » EUR/USD (Edinburgh) - The offered tone is now creeping back to the single currency, slowly dragging the EUR/USD to a test of intraday lows around 1.3615/10.

EUR/USD holding on to 1.3600

Despite the softer trading, the pair continues to consolidate its weekly ascent above the key 1.3600 handle, paying special attention to the events across the pond, regarding the current administrative paralysis in the US Government and the upcoming debt ceiling debate. The publication of the US Payrolls has been cancelled, leaving today’s Fedspeak as the main event to follow by investors. In the opinion of Anders Lumholtz at Danske Bank, “this is the type of market environment that has the potential to trigger an overshoot in EUR/USD and we maintain our 1.37 1M forecast from late September - even as sentiment has already become fairly bullish (indicating that trading accounts are already quite long EUR/USD)”.

EUR/USD key levels

The pair is now losing 0.01% at 1.3618 and a break below 1.3578 (low Oct.3) would expose 1.3526 (MA10d) and finally 1.3505 (low Oct. On the upside, the initial barrier aligns at 1.3660 (high Feb.4) followed by 1.3680 (161.8% Fib projection) and then 1.3711 (2013 high Feb.1).
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