25 Sep 2013
EUR/USD retakes 1.3500 and beyond
FXstreet.com (Edinburgh) -The bloc currency finally managed to recover the 1.3500 handle on Wednesday, although the EUR/USD strength seems to have faltered ahead of 1.3520.
EUR/USD rally faces headwinds
The recent EUR upside seems to have no legs to extend the bullish attempt beyond the key resistance at 1.3520 so far, let alone another assault to post-Fed tops near 1.3570. This week’s calendar is heavily biased towards the greenback, and combined with plenty of Fedspeak and more dovish tone from Draghi’s speech on Friday would plot against further bull runs. “We still see only modest scope to the upside in EUR/USD, which relates more to the US than Europe”, noted Derek Halpenny, European Head of Global Markets Research.
EUR/USD key levels
At the moment the pair is up 0.24% at 1.3506 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 rally faces headwinds
The recent EUR upside seems to have no legs to extend the bullish attempt beyond the key resistance at 1.3520 so far, let alone another assault to post-Fed tops near 1.3570. This week’s calendar is heavily biased towards the greenback, and combined with plenty of Fedspeak and more dovish tone from Draghi’s speech on Friday would plot against further bull runs. “We still see only modest scope to the upside in EUR/USD, which relates more to the US than Europe”, noted Derek Halpenny, European Head of Global Markets Research.
EUR/USD key levels
At the moment the pair is up 0.24% at 1.3506 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).