12 Jul 2013
EUR/USD poised ahead of Industrial Production
FXstreet.com (Barcelona) - Having been capped overnight at 1.3100, EUR/USD has continued to nudge lower into the European session.
With little significant data in today´s calendar, aside from EU Industrial Production at 09:00 GMT and the Michigan Sentiment Index at 13:55 GMT, volume looks set to remain subdued in the near term, with many traders eyes firmly on the upcoming weekend. Elsewhere, Derek Halpenny of BTMU notes that ECB Executive Board member Coeure stated yesterday that the “forward guidance” by the ECB to leave rates low or lower for an “extended period” would be assessed at every meeting. He writes, “Of course, this is true but it certainly doesn’t instill much credibility in the commitment when there’s a feeling it could be altered at any given meeting.
EUR/USD technically bearish
The FXstreet.com Trend Index is indicating bearish sentiment. We can see daily Classic Pivot Point support below at S1 1.2970, S2 1.2945, and S3 1.2726. Ahead we have the daily Pivot at 1.3089, R1 1.3214, and R2 at 1.3333. Hourly Stochastics have dipped from nudging into overbought territory yesterday and are currently positioned to continue moving lower, at 43. Hourly RSI is at 52 without much directional bias.
With little significant data in today´s calendar, aside from EU Industrial Production at 09:00 GMT and the Michigan Sentiment Index at 13:55 GMT, volume looks set to remain subdued in the near term, with many traders eyes firmly on the upcoming weekend. Elsewhere, Derek Halpenny of BTMU notes that ECB Executive Board member Coeure stated yesterday that the “forward guidance” by the ECB to leave rates low or lower for an “extended period” would be assessed at every meeting. He writes, “Of course, this is true but it certainly doesn’t instill much credibility in the commitment when there’s a feeling it could be altered at any given meeting.
EUR/USD technically bearish
The FXstreet.com Trend Index is indicating bearish sentiment. We can see daily Classic Pivot Point support below at S1 1.2970, S2 1.2945, and S3 1.2726. Ahead we have the daily Pivot at 1.3089, R1 1.3214, and R2 at 1.3333. Hourly Stochastics have dipped from nudging into overbought territory yesterday and are currently positioned to continue moving lower, at 43. Hourly RSI is at 52 without much directional bias.