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30 Sep 2014
EUR/USD regains 1.2600 and beyond
FXStreet (Edinburgh) - The common currency managed to bounce off sub-1.2600 lows during the European morning, now lifting EUR/USD back to the 1.2615/20 band.
EUR/USD recovers after consumer confidence
Spot is now looking to consolidate the rebound above the 1.2600 handle, boosted by the unexpected drop to 86 in the US Consumer Confidence for the month of September. There are no more data releases in the region today, with the next risk event being tomorrow’s Chinese manufacturing PMI gauged by NHS. (51.2 exp.) ahead of the final figures of the manufacturing PMIs and GDP in the bloc. Camilla Sutton, Chief FX Strategist at Scotiabank, noted, “all studies warn of strong downside momentum and the only warning on the chart is the RSI which has now fallen firmly into oversold territory. However without a supporting warning signal, EUR is likely to continue its downward trend. The next level of support lies at 1.2500”.
EUR/USD levels to watch
As of writing the pair is retreating 0.44% at 1.2628 and a break below 1.2561 (low Sep.6 2012) would target 1.2502 (76.4% of 1.2042-1.3995) en route to 1.2493 (low Aug.31). On the flip side, the initial hurdle lines up at 1.2664 (low Sep.29) followed by1.2715 (high Sep.29) and finally 1.2761 (high Sep.26).
EUR/USD recovers after consumer confidence
Spot is now looking to consolidate the rebound above the 1.2600 handle, boosted by the unexpected drop to 86 in the US Consumer Confidence for the month of September. There are no more data releases in the region today, with the next risk event being tomorrow’s Chinese manufacturing PMI gauged by NHS. (51.2 exp.) ahead of the final figures of the manufacturing PMIs and GDP in the bloc. Camilla Sutton, Chief FX Strategist at Scotiabank, noted, “all studies warn of strong downside momentum and the only warning on the chart is the RSI which has now fallen firmly into oversold territory. However without a supporting warning signal, EUR is likely to continue its downward trend. The next level of support lies at 1.2500”.
EUR/USD levels to watch
As of writing the pair is retreating 0.44% at 1.2628 and a break below 1.2561 (low Sep.6 2012) would target 1.2502 (76.4% of 1.2042-1.3995) en route to 1.2493 (low Aug.31). On the flip side, the initial hurdle lines up at 1.2664 (low Sep.29) followed by1.2715 (high Sep.29) and finally 1.2761 (high Sep.26).