Forex: EUR/USD higher ahead of EMU construction output
Forex pairs in this Article »
EUR/USD
FXstreet.com (Barcelona) - The economic calendar in Europe is quite empty today, but the market is trading ahead of EMU construction output (due to be released at 09:00 GMT) as the EURUSD rebounds from 1.3093 low obtained right after the European opening.
The pair has already registered a daily high at 1.3125 in early Asian morning, and the price is currently moving towards that area after having regained the 1.3100 level and investors get ready for the data. In July, construction output had dropped -0.3% on the month (s.a.) and was contracting by -4.7% on the year (w.d.a.).
The focus has shifted to overhead resistance at 1.3173/80 as target (recent high and a double Fibonacci retracement): " We remain wary of initial failure here, the market will need to clear this key resistance in order to introduce scope to 1.3487/1.3536 (2012 high, the 50% retracement and the 200 week ma), wrote Commerzbank analyst Karen Jones.
The pair has already registered a daily high at 1.3125 in early Asian morning, and the price is currently moving towards that area after having regained the 1.3100 level and investors get ready for the data. In July, construction output had dropped -0.3% on the month (s.a.) and was contracting by -4.7% on the year (w.d.a.).
The focus has shifted to overhead resistance at 1.3173/80 as target (recent high and a double Fibonacci retracement): " We remain wary of initial failure here, the market will need to clear this key resistance in order to introduce scope to 1.3487/1.3536 (2012 high, the 50% retracement and the 200 week ma), wrote Commerzbank analyst Karen Jones.
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