25 Sep 2013
EUR/USD ripe for a test of 1.3500?
FXstreet.com (Edinburgh) -After bottoming out near 1.3460 overnight, the EUR/USD gathered steam and is now attempting another assault on the key 1.3500 handle on Wednesday.
EUR/USD remains bullish
Despite the ongoing descent from last week’s tops, the vast majority of analysts coincide in this to be only corrective, not ruling out another attempt to 1.3520 and then 1.3570. However, markets remain cautious, as the well-known dovish perspective from ECB’s Draghi and further USD strength stemming from better US data would surely weigh on the pair. According to Emmanuel Ng, Strategist at OCBC Bank, “The pair may find resistance towards the 1.3525 vicinity for now and support after 1.3450 may be expected at 1.3400 for now”.
EUR/USD key levels
At the moment the pair is up 0.18% at 1.3499 with the immediate resistance at 1.3525 (hourly cloud top) followed by 1.3555 (high Sep.23) and finally 1.3569 (high Sep.19). On the downside, a violation of 1.3459 (23.6% of 1.3104-1.3569) would open the door to 1.3453 (high Aug.20) and then 1.3399 (high Aug.28).
EUR/USD remains bullish
Despite the ongoing descent from last week’s tops, the vast majority of analysts coincide in this to be only corrective, not ruling out another attempt to 1.3520 and then 1.3570. However, markets remain cautious, as the well-known dovish perspective from ECB’s Draghi and further USD strength stemming from better US data would surely weigh on the pair. According to Emmanuel Ng, Strategist at OCBC Bank, “The pair may find resistance towards the 1.3525 vicinity for now and support after 1.3450 may be expected at 1.3400 for now”.
EUR/USD key levels
At the moment the pair is up 0.18% at 1.3499 with the immediate resistance at 1.3525 (hourly cloud top) followed by 1.3555 (high Sep.23) and finally 1.3569 (high Sep.19). On the downside, a violation of 1.3459 (23.6% of 1.3104-1.3569) would open the door to 1.3453 (high Aug.20) and then 1.3399 (high Aug.28).