30 Dec 2013
EUR/USD gaps higher to open the final week of 2013 after holding ST support at 1.3733 Friday
FXstreet.com (Barcelona) - The EUR/USD spiked higher Friday until the US trading session opened. At 13:00 GMT Friday an equally potent spike lower commenced and didn’t stop until potential support at 1.3733 was tested.
EUR/USD traders will have sparce data on which to focus this week
Slow holiday trading is likely to continue until at least after 1/1/14 has come and gone – and likely even until the beginning of next week. The data scheduled for this week that may have EUR/USD traders’ attention include:
• Monday – US Pending Home Sales; US Dallas Fed Manufacturing Index
• Tuesday – US Chicago Purchasing Managers Index; US Consumer Confidence
• Wednesday – New Years Day holiday
• Thursday – German and EU Manufacturing PMI; US PMI; US Weekly Jobless Claims; US Construction Spending; US Prices Paid
• Friday – EuroZone CPI; US ISM New York Index
Technical outlook for EURUSD
Technicians say the EUR/USD may have completed a very short-term “abc” correction to the downside on Friday when it seemingly held support at 1.3733. If that level breaks, more downside will be in store for the EUR/USD – with 1.3705 and 1.3687 as the next two possible stops on the downside. Resistance for the cross starts at the Friday intraday pivot of 1.3765 and is backed up by another intraday pivot from Friday at 1.3806.
EUR/USD traders will have sparce data on which to focus this week
Slow holiday trading is likely to continue until at least after 1/1/14 has come and gone – and likely even until the beginning of next week. The data scheduled for this week that may have EUR/USD traders’ attention include:
• Monday – US Pending Home Sales; US Dallas Fed Manufacturing Index
• Tuesday – US Chicago Purchasing Managers Index; US Consumer Confidence
• Wednesday – New Years Day holiday
• Thursday – German and EU Manufacturing PMI; US PMI; US Weekly Jobless Claims; US Construction Spending; US Prices Paid
• Friday – EuroZone CPI; US ISM New York Index
Technical outlook for EURUSD
Technicians say the EUR/USD may have completed a very short-term “abc” correction to the downside on Friday when it seemingly held support at 1.3733. If that level breaks, more downside will be in store for the EUR/USD – with 1.3705 and 1.3687 as the next two possible stops on the downside. Resistance for the cross starts at the Friday intraday pivot of 1.3765 and is backed up by another intraday pivot from Friday at 1.3806.