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27 Nov 2013
EUR/USD back to square one at 1.3570
FXstreet.com (Edinburgh) - The correction lower from session peaks beyond 1.3610 found buyers near 1.3560 on Wednesday, where the EUR/USD managed to pick up pace and regain 1.3575/80 so far.
EUR/USD erratic, weaker after US data
After hitting fresh 4-week highs beyond the 1.3600 handle, solid data from the US docket – with the exception of the Durable Goods Orders – gave wings to the greenback in detriment of the single currency, sending the pair lower. “The outlook remains positive, for a tight test of 1.3650 resistance area, before reversal for another downswing towards 1.3398 low. Crucial from an intraday point of view is 1.3520 low”, observed Stoyan Mihaylov, Strategist at DeltaStock.com.
EUR/USD key levels
At the moment the pair is flat at 1.3570 with the next resistance at 1.3613 (high Nov.27) followed by 1.3628 (61.8% of 1.3822-1.3295) and finally 1.3696 (low Oct.30) and then 1.3729 (high Oct.31). On the downside, a dip beyond 1.3558 (low Nov.27) would target 1.3515 (low Nov.26) en route to 1.3504 (MA21d).
EUR/USD erratic, weaker after US data
After hitting fresh 4-week highs beyond the 1.3600 handle, solid data from the US docket – with the exception of the Durable Goods Orders – gave wings to the greenback in detriment of the single currency, sending the pair lower. “The outlook remains positive, for a tight test of 1.3650 resistance area, before reversal for another downswing towards 1.3398 low. Crucial from an intraday point of view is 1.3520 low”, observed Stoyan Mihaylov, Strategist at DeltaStock.com.
EUR/USD key levels
At the moment the pair is flat at 1.3570 with the next resistance at 1.3613 (high Nov.27) followed by 1.3628 (61.8% of 1.3822-1.3295) and finally 1.3696 (low Oct.30) and then 1.3729 (high Oct.31). On the downside, a dip beyond 1.3558 (low Nov.27) would target 1.3515 (low Nov.26) en route to 1.3504 (MA21d).