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28 Nov 2013
EUR/USD trading off Thursday after closing right at 1.3578 resistance Wednesday
FXstreet.com (Barcelona) - The EUR/USD has started the US Thanksgiving holiday on a down note after failing Wednesday to close above resistance at 1.3578. With no US data Thursday, Europe and technicals will be the drivers Thursday.
EUR/USD traders to monitor EuroZone data on Thursday
The data flow that may have an impact on the EUR/USD Thursday includes: German Unemployment; EuroZone Consumer Confidence; EuroZone Sentiment indicators; and German Inflation Data.
Technical outlook for EURUSD
Technicians say the EUR/USD has key resistance at last Wednesday’s peak at 1.3578. That is the bears’ “line in the sand” through which the cross cannot pass on the upside if the bears are to remain in control of the situation. Wednesday’s trading tested that level and the ceiling is still in place. The cross has support at Thursday’s intraday low of 1.3398. If 1.3578 is eclipsed, the bears will have yet another nail in the coffin – with only the broken previous uptrend line as a faint last hope at around 1.3595.
EUR/USD traders to monitor EuroZone data on Thursday
The data flow that may have an impact on the EUR/USD Thursday includes: German Unemployment; EuroZone Consumer Confidence; EuroZone Sentiment indicators; and German Inflation Data.
Technical outlook for EURUSD
Technicians say the EUR/USD has key resistance at last Wednesday’s peak at 1.3578. That is the bears’ “line in the sand” through which the cross cannot pass on the upside if the bears are to remain in control of the situation. Wednesday’s trading tested that level and the ceiling is still in place. The cross has support at Thursday’s intraday low of 1.3398. If 1.3578 is eclipsed, the bears will have yet another nail in the coffin – with only the broken previous uptrend line as a faint last hope at around 1.3595.