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19 Sep 2013
EUR/USD grinding lower, around 1.3520
FXstreet.com (Edinburgh) -The EUR/USD continues to drift lower on Thursday, falling from morning peaks in the boundaries of 1.3570 to the current area around 1.3530/25.
EUR/USD lower on profit taking
The steep upside post-FOMC meeting seems to be prompting investors to cash up part of the recent gains, dragging the pair from multi-month highs. Better-than-expected data from the US economy tepidly collaborated with the downside, although the pair’s broader outlook remains tilted to the upside. Strategists at Danske Bank commented, “In our view, H2 will be dominated by both EUR and USD short-end rates having limited potential to increase in the near term. Thus, we expect to see EUR/USD range-trading for the remainder of 2013”.
EUR/USD key levels
The pair is now up 0.05% at 1.3524 with the next resistance at 1.3598 (high Feb.5) ahead of 1.3660 (high Feb.4) and then 1.3711 (2013 high Feb.1). On the flip side, a breakdown of 1.3501 (low Sep.19) would open the door to 1.3453 (high Aug.20) and finally 1.3399 (high Aug.28).
EUR/USD lower on profit taking
The steep upside post-FOMC meeting seems to be prompting investors to cash up part of the recent gains, dragging the pair from multi-month highs. Better-than-expected data from the US economy tepidly collaborated with the downside, although the pair’s broader outlook remains tilted to the upside. Strategists at Danske Bank commented, “In our view, H2 will be dominated by both EUR and USD short-end rates having limited potential to increase in the near term. Thus, we expect to see EUR/USD range-trading for the remainder of 2013”.
EUR/USD key levels
The pair is now up 0.05% at 1.3524 with the next resistance at 1.3598 (high Feb.5) ahead of 1.3660 (high Feb.4) and then 1.3711 (2013 high Feb.1). On the flip side, a breakdown of 1.3501 (low Sep.19) would open the door to 1.3453 (high Aug.20) and finally 1.3399 (high Aug.28).