25 Oct 2013
EUR/USD remains below 1.3800 on US data
FXstreet.com (Edinburgh) -The shared currency almost posted no reaction after the US Durable Goods Orders, with the EUR/USD gyrating around 1.3785/90.
EUR/USD indifferent after data
The pair’s intraday decline seems to have found decent support in the vicinity of 1.3770/75, and is now attempting a rebound after orders of US long-lasting goods rose at a monthly pace of 3.7% during September, exceeding expectations. On the opposite direction, orders contracted 0.1% excluding the Transportation sector, matching August’s reading and coming in short of forecasts. Analysts at TD Securities observed “Weaker than expected IFO data from Germany helped pull the EUR off new, YTD highs in the low 1.38 area but sanguine comments from ECB board member Asmussen on the exchange rate (“not a specific worry”) have failed to restore a bid to the market… The EUR rally is starting to look a bit tired and may need to consolidate near-term’.
EUR/USD levels to watch
The pair is now losing 0.10% at 1.3787 and a breakdown of 1.3741 (low Oct.23) would open the door to 1.3700 (psychological level) and finally 1.3662 (low Oct.22). On the upside, the first hurdle aligns at 1.3832 (2013 high Oct.25) ahead of 1.3826 (high Oct.24) and finally 1.3859 (high Nov.11 2011).
EUR/USD indifferent after data
The pair’s intraday decline seems to have found decent support in the vicinity of 1.3770/75, and is now attempting a rebound after orders of US long-lasting goods rose at a monthly pace of 3.7% during September, exceeding expectations. On the opposite direction, orders contracted 0.1% excluding the Transportation sector, matching August’s reading and coming in short of forecasts. Analysts at TD Securities observed “Weaker than expected IFO data from Germany helped pull the EUR off new, YTD highs in the low 1.38 area but sanguine comments from ECB board member Asmussen on the exchange rate (“not a specific worry”) have failed to restore a bid to the market… The EUR rally is starting to look a bit tired and may need to consolidate near-term’.
EUR/USD levels to watch
The pair is now losing 0.10% at 1.3787 and a breakdown of 1.3741 (low Oct.23) would open the door to 1.3700 (psychological level) and finally 1.3662 (low Oct.22). On the upside, the first hurdle aligns at 1.3832 (2013 high Oct.25) ahead of 1.3826 (high Oct.24) and finally 1.3859 (high Nov.11 2011).