11 Nov 2013
EUR/USD enters new week broken technically, near oversold but with more room to fall
FXstreet.com (Barcelona) - The scheduled of “typical” data points for this week is relatively light as compared to last week, but there should certainly be plenty of market moving headlines surrounding the confirmation hearings for Janet Yellen in Washington.
EUR/USD ugliness picked up steam last week due to surprising US data and dovish ECB
With the ECB and US employment-generated volatility of last week behind us, EUR/USD traders will be primarily focused on the movements of the US Dollar emanating from Yellen confirmation headlines. However, there will be other data points that could contribute to additional movement in the euro and the greenback this week including the German Bundesbank Preident Weidman’s speech on Monday.
Technical outlook for EURUSD
Technicians say the chart of the EUR/USD is broken technically and now has a minimum downside target of 1.3122 – which is longer-term correction support and horizontal line support in one. Below that level come the Fibonacci projections at 1.2973 and 1.2881. Resistance for the cross comes in at 1.3475 – the underbelly of the recently broken uptrend line. That level is backed up by the 11/6 high of 1.3547.
EUR/USD ugliness picked up steam last week due to surprising US data and dovish ECB
With the ECB and US employment-generated volatility of last week behind us, EUR/USD traders will be primarily focused on the movements of the US Dollar emanating from Yellen confirmation headlines. However, there will be other data points that could contribute to additional movement in the euro and the greenback this week including the German Bundesbank Preident Weidman’s speech on Monday.
Technical outlook for EURUSD
Technicians say the chart of the EUR/USD is broken technically and now has a minimum downside target of 1.3122 – which is longer-term correction support and horizontal line support in one. Below that level come the Fibonacci projections at 1.2973 and 1.2881. Resistance for the cross comes in at 1.3475 – the underbelly of the recently broken uptrend line. That level is backed up by the 11/6 high of 1.3547.