Forex: EUR/USD back at highs
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EUR/USD
FXstreet.com (Barcelona) - After the breach of 1.3500 in early European time, and a hardened path above, the EURUSD reached as high as 1.3516 before coming down to retest the psychological level. As of writing, the pair is heading higher again.
In terms of indicators, Italy business confidence eased from 88.9 to 88.2 in January, instead of rising to 89.5 as expected. The Spanish estimated GDP for Q4 points to a quarterly -0.7 drop. The annualized figure contracted further, from -1.4 (revised from -1.6) to -1.8.
Even with the EMU confidence report ahead, investors are mostly eyeing US data this week. "The recent low at 1.3413 sets an end of the consolidation pattern after 1.3479 and the uptrend here is renewed, targeting 1.3650 area", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial intraday support at 1.3460 break-out level.
In terms of indicators, Italy business confidence eased from 88.9 to 88.2 in January, instead of rising to 89.5 as expected. The Spanish estimated GDP for Q4 points to a quarterly -0.7 drop. The annualized figure contracted further, from -1.4 (revised from -1.6) to -1.8.
Even with the EMU confidence report ahead, investors are mostly eyeing US data this week. "The recent low at 1.3413 sets an end of the consolidation pattern after 1.3479 and the uptrend here is renewed, targeting 1.3650 area", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial intraday support at 1.3460 break-out level.
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