Forex: EUR/USD bounce capped at 1.3238 on US data
Forex pairs in this Article »
EUR/USD
FXstreet.com (Barcelona) - The European morning tumble to 1.3166 wasn't fully retraced on the bounce ahead of the New York opening. The EURUSD reached as high as 1.3238, falling short to meet 1.3256. The pair wasn't able to extend the momentum after the US markets opening and the release of the US Chicago PMI.
From 50.4 in November, the Chicago PMI became more expansionary by rising to 51.6. Actual data has beaten market consensus of 51.2. The annualized US Pending Home Sales eased from 13.2% to 8.9% in November. The monthly rise in August was of 1.7%, beating the -0.3% consensus estimate.
The EURUSD is trading at 1.3220, as of writing. "The EURUSD is poised to close out the week unchanged and well off the inter-week highs for the second week running even with the underlying trend higher still strongly entrenched", wrote TD Securities analysts Shaun Osborne and Greg Moore, predicting a couple of big figures' worth of corrective price action in store for the EURUSD in the next 2-4 weeks.
From 50.4 in November, the Chicago PMI became more expansionary by rising to 51.6. Actual data has beaten market consensus of 51.2. The annualized US Pending Home Sales eased from 13.2% to 8.9% in November. The monthly rise in August was of 1.7%, beating the -0.3% consensus estimate.
The EURUSD is trading at 1.3220, as of writing. "The EURUSD is poised to close out the week unchanged and well off the inter-week highs for the second week running even with the underlying trend higher still strongly entrenched", wrote TD Securities analysts Shaun Osborne and Greg Moore, predicting a couple of big figures' worth of corrective price action in store for the EURUSD in the next 2-4 weeks.
Free Annual Reports
