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18 Dec 2013
EUR/USD continuing to rally off of Tuesday lows; 1.3800 – 1.3810 is key resistance for bears
FXstreet.com (Barcelona) - The EUR/USD bounced sharply from the lows set early in the US session and appears to have room left to run for (up to 1.3810) over the next several hours (in the worst case). In the more bullish case, 1.3831 will come into play.
EUR/USD traders to react to European and US data Wednesday as everyone awaits the Fed
Wednesday, most of the world’s attention will understandably focused on what happens with the US Fed / Tapering announcement late in the US session. However, prior to that point, EUR/USD traders will be monitoring the following data points out of Europe and the US including:
• German Current Assessment, Business Climate and Expectations
• Eco Fin Meeting in Europe
• US Mortgage Applications
• US Building Permits
• US Housing Starts
• 5 and 7-year Treasury auctions
• Federal Reserve rate decision, tapering plans announced and economic outlook
Technical outlook for EURUSD
Technicians say the EUR/USD is either correcting higher to the 1.38 – 1.3810 range or it is in a new primary up move with 1.383 as the next target. Either way, there appears to be more upside for the bulls in the very short-term. Support for the cross comes in at Tuesday’s session lows at 1.3709 and is followed up by the 11/28 high of 1.3621.
EUR/USD traders to react to European and US data Wednesday as everyone awaits the Fed
Wednesday, most of the world’s attention will understandably focused on what happens with the US Fed / Tapering announcement late in the US session. However, prior to that point, EUR/USD traders will be monitoring the following data points out of Europe and the US including:
• German Current Assessment, Business Climate and Expectations
• Eco Fin Meeting in Europe
• US Mortgage Applications
• US Building Permits
• US Housing Starts
• 5 and 7-year Treasury auctions
• Federal Reserve rate decision, tapering plans announced and economic outlook
Technical outlook for EURUSD
Technicians say the EUR/USD is either correcting higher to the 1.38 – 1.3810 range or it is in a new primary up move with 1.383 as the next target. Either way, there appears to be more upside for the bulls in the very short-term. Support for the cross comes in at Tuesday’s session lows at 1.3709 and is followed up by the 11/28 high of 1.3621.