4 Nov 2013
EUR/USD clings to 1.3500
FXstreet.com (Edinburgh) -The EUR/USD remains resilient in the boundaries of the key level at 1.3500 on Monday, ahead of the key US data due later.
EUR/USD buoyant near highs
The pair is timidly reverting the 3-cent sell-off from last week, recovering the 1.3500 handle after stop orders dragged the pair to session lows near 1.3440 overnight. Decent although mixed results from manufacturing PMI prints from the main economies of the euro bloc gave extra oxygen to the pair, sustaining today’s ascent to 1.3510/15. Strategists at UBS are now neutral on the pair, commenting, “As a reaction to the sharp sell-off, the immediate risk appears to be for upside move to unwind the overextended downside conditions. Resistance is at 1.3591. Support is at 1.3383”.
EUR/USD levels to watch
The pair is now up 0.13% at 1.3506 and a break above 1.3589 (high Nov.1) would expose 1.3638 (MA21d) and then 1.3696 (low Oct.30). On the downside, the initial support lies at 1.3442 (low Nov.4) ahead of 1.3472 (low Oct.16) followed by 1.3468 (50% of 1.3105-1.3833).
EUR/USD buoyant near highs
The pair is timidly reverting the 3-cent sell-off from last week, recovering the 1.3500 handle after stop orders dragged the pair to session lows near 1.3440 overnight. Decent although mixed results from manufacturing PMI prints from the main economies of the euro bloc gave extra oxygen to the pair, sustaining today’s ascent to 1.3510/15. Strategists at UBS are now neutral on the pair, commenting, “As a reaction to the sharp sell-off, the immediate risk appears to be for upside move to unwind the overextended downside conditions. Resistance is at 1.3591. Support is at 1.3383”.
EUR/USD levels to watch
The pair is now up 0.13% at 1.3506 and a break above 1.3589 (high Nov.1) would expose 1.3638 (MA21d) and then 1.3696 (low Oct.30). On the downside, the initial support lies at 1.3442 (low Nov.4) ahead of 1.3472 (low Oct.16) followed by 1.3468 (50% of 1.3105-1.3833).