Filed Under:
Forex pairs in this Article » EUR/USD (Edinburgh) -The EUR/USD keeps the narrow range around 1.3500 and 1.3530 on Wednesday, as unease amongst traders is growing bigger due to the lack of progress from the US federal shutdown and the debt ceiling.

In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair’s “reversal around the 1.3600 mark and subsequent slide to below last week’s 1.3486 low, leads us to believe that a top is being formed. The August high at 1.3453 is thus back on the cards. It should act as the break down point to the three month channel support line at 1.3332”.

In addition, Emmanuel Ng, Strategist at OCBC Bank, commented, “The latest German ZEW proved mixed but attention may still be largely centered on US fiscal developments with the pair looking to test the 1.3500 floor in the near term. A 1.3450-1.3600 range may prevail as investors continue to look towards the US fiscal landscape”.
comments powered by Disqus