26 Sep 2013
EUR/USD stabilizing around 1.3480
FXstreet.com (Edinburgh) -It seems the EUR/USD found a new comfort zone around the 1.3480 region, as markets head towards the last part of the US session on Thursday.
EUR/USD eyes on Draghi
Moving forwards to Friday’s docket in the 17-nation bloc, the speech by ECB’s Mario Draghi will be in the spotlight during the European morning. The likeliness of Draghi repeating his dovish tone would once again weigh on the pair, leaving the door open for deeper pullbacks. Further data would see German consumer prices, Spanish retail sales and several gauges of sentiment/confidence in the euro area. Across the pond, Personal Consumption Expenditures, the Reuters Michigan index and more Fedspeak are also expected. Camilla Sutton, Chief Strategist at Scotiabank, argues the short-term technicals remain bullish, “however as the currency trades in a range upside momentum has eased. A break of the last seven session range (1.3462 to 1.3569) will provide a signal for near-term direction”.
EUR/USD key levels
At the moment the pair is losing 0.34% at 1.3480 with the immediate support at 1.3459 (23.6% of 1.3104-.13569) followed by 1.3453 (high Au.20) and then 1.3399 (high Aug.28). On the upside, a surpass of 1.3555 (high Sep.23) would expose 1.3569 (high Sep.19) and finally 1.3598 (high Feb.5).
EUR/USD eyes on Draghi
Moving forwards to Friday’s docket in the 17-nation bloc, the speech by ECB’s Mario Draghi will be in the spotlight during the European morning. The likeliness of Draghi repeating his dovish tone would once again weigh on the pair, leaving the door open for deeper pullbacks. Further data would see German consumer prices, Spanish retail sales and several gauges of sentiment/confidence in the euro area. Across the pond, Personal Consumption Expenditures, the Reuters Michigan index and more Fedspeak are also expected. Camilla Sutton, Chief Strategist at Scotiabank, argues the short-term technicals remain bullish, “however as the currency trades in a range upside momentum has eased. A break of the last seven session range (1.3462 to 1.3569) will provide a signal for near-term direction”.
EUR/USD key levels
At the moment the pair is losing 0.34% at 1.3480 with the immediate support at 1.3459 (23.6% of 1.3104-.13569) followed by 1.3453 (high Au.20) and then 1.3399 (high Aug.28). On the upside, a surpass of 1.3555 (high Sep.23) would expose 1.3569 (high Sep.19) and finally 1.3598 (high Feb.5).