16 Oct 2013
EUR/USD off highs, market awaits US debt deal
FXstreet.com (Córdoba) - The EUR/USD lost momentum at the beginning of the New York session as the dollar recovers ground across the board while US politicians race against the clock to strike a deal on budget before the debt ceiling deadline.
The EUR/USD reached a high of 1.3567 but failed to sustain gains and pulled back slightly as stocks open higher in Wall Street amid optimism of a deal. At time of writing, EUR/USD is trading at the 1.3545 zone, still up 0.2% on the day.
EUR/USD technical outlook
"The EUR/USD hourly chart presents a clear upward momentum, although buying interest eases as price approaches 1.3600 area", says Valeria Bednarik, chief analyst at FXstreet.com, while noting that the neutral stance prevails in bigger timeframes. "Either an agreement in US Congress of the technical default, is required to see a break in the pair outside its range", she says.
As for technical levels, Bednarik locates immediate resistances at 1.3580, 1.3615 and 1.3645, while she places supports at 1.3520, 1.3490 and 1.3460.
The EUR/USD reached a high of 1.3567 but failed to sustain gains and pulled back slightly as stocks open higher in Wall Street amid optimism of a deal. At time of writing, EUR/USD is trading at the 1.3545 zone, still up 0.2% on the day.
EUR/USD technical outlook
"The EUR/USD hourly chart presents a clear upward momentum, although buying interest eases as price approaches 1.3600 area", says Valeria Bednarik, chief analyst at FXstreet.com, while noting that the neutral stance prevails in bigger timeframes. "Either an agreement in US Congress of the technical default, is required to see a break in the pair outside its range", she says.
As for technical levels, Bednarik locates immediate resistances at 1.3580, 1.3615 and 1.3645, while she places supports at 1.3520, 1.3490 and 1.3460.