18 Nov 2014
EUR/USD flat-lining around 1.2470
FXStreet (Edinburgh) - The single currency is trading on a positive mood on Tuesday, with EUR/USD around 1.2470 after dropping to lows near 1.2440.
EUR/USD focus on German ZEW
Spot is recovering from yesterday’s pullback albeit at a snail-pace, while market participants wait for the German/EMU ZEW Survey due later. Market consensus expects better results in general, with the key the Economic Sentient to come in at 0.5 for the month of November from -3.6 in the previous month. In the US economy, Producer Prices and the Housing Market index tracked by NAHB will be in the limelight. In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, the short term technicals are mixed now, adding “the MACD has shifter into buy territory and spot has failed to break to a fresh low. Support lies at 1.2400; resistance comes in at 1.2580”.
EUR/USD key levels
The pair is now advancing 0.18% at 1.2473 with the next resistance at 1.2507 (hourly high Nov.7) ahead of 1.2547 (21-d MA) and then 1.2580 (high Nov.17). On the flip side, a breakdown of 1.2457 (200-h MA) would open the door to 1.2445 (low Nov.17) and finally 1.2398 (low Nov.14).
EUR/USD focus on German ZEW
Spot is recovering from yesterday’s pullback albeit at a snail-pace, while market participants wait for the German/EMU ZEW Survey due later. Market consensus expects better results in general, with the key the Economic Sentient to come in at 0.5 for the month of November from -3.6 in the previous month. In the US economy, Producer Prices and the Housing Market index tracked by NAHB will be in the limelight. In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, the short term technicals are mixed now, adding “the MACD has shifter into buy territory and spot has failed to break to a fresh low. Support lies at 1.2400; resistance comes in at 1.2580”.
EUR/USD key levels
The pair is now advancing 0.18% at 1.2473 with the next resistance at 1.2507 (hourly high Nov.7) ahead of 1.2547 (21-d MA) and then 1.2580 (high Nov.17). On the flip side, a breakdown of 1.2457 (200-h MA) would open the door to 1.2445 (low Nov.17) and finally 1.2398 (low Nov.14).