25 Nov 2013
EUR/USD stabilizing above 1.3500
FXstreet.com (Edinburgh) - The EUR/USD is looking to stabilize in the 1.3500/10 area at the end of US the trading session on Monday.
EUR/USD posed to range bound?
Empty docket in the euro area tomorrow would leave the pair to the mercy of the risk trends once again, at least during the European morning. The USD-side of the equation would be in the limelight as Housing Starts, Building Permits and November’s Consumer Confidence are all due. According to Eric Theoret, Currency Strategist at Scotiabank, the short term technical studies remains bearish, “as EUR has retreated from near-term resistance at its 50 day MA (1.3555). Support is expected at 1.3400, close to the 100 day MA, a break of which would likely see a test of the November low at 1.3296”.
EUR/USD levels to watch
The pair is losing 0.25% at 1.3515 with the immediate support at 1.3490 (MA10d) ahead of 1.3463 (low Nov.22) and finally 1.3404 (daily cloud base). On the flip side, a breakout of 1.3544 (daily cloud top) would target 1.3561 (high Nov.25) en route to 1.3584 (high Nov.20).
EUR/USD posed to range bound?
Empty docket in the euro area tomorrow would leave the pair to the mercy of the risk trends once again, at least during the European morning. The USD-side of the equation would be in the limelight as Housing Starts, Building Permits and November’s Consumer Confidence are all due. According to Eric Theoret, Currency Strategist at Scotiabank, the short term technical studies remains bearish, “as EUR has retreated from near-term resistance at its 50 day MA (1.3555). Support is expected at 1.3400, close to the 100 day MA, a break of which would likely see a test of the November low at 1.3296”.
EUR/USD levels to watch
The pair is losing 0.25% at 1.3515 with the immediate support at 1.3490 (MA10d) ahead of 1.3463 (low Nov.22) and finally 1.3404 (daily cloud base). On the flip side, a breakout of 1.3544 (daily cloud top) would target 1.3561 (high Nov.25) en route to 1.3584 (high Nov.20).