Back
15 Jul 2013
EUR/USD finds support around 1.3020
FXstreet.com (Edinburgh) -It seems that the intraday decline of the EUR/USD found buying interest in the proximity of 1.3020 on Monday, ahead of the US retail sales due later.
EUR/USD vs. Fed’s tapering
Again we have key US data releases like Retail Sales during June (0.8% exp.) and the Empire State manufacturing index (5.00 exp.) for July, and market participants would surely gauge the results against the timing of the Fed scaling back its bond buying programme, indicating that the pair would be under some pressure via the greenback. According to the research team at NAB, “Tapering of QE3 expected to be announced following the September FOMC meeting (but risk that it will be delayed to later in the year), with the end of QE not expected until the September quarter 2014. Fed fund rate rises are not expected until 2015”.
EUR/USD relevant levels
The pair is now falling 0.41% at 1.3024 and a dip beyond 1.2999 (low Jul.12) would open the door to 1.2982 (50% Fibo) and finally 1.2966 (low Jul.11). On the upside, resistance levels align at 1.3100 (high Jul.12) ahead of 1.3118 (MA30d) and then 1.3208 (high Jul.11).
EUR/USD vs. Fed’s tapering
Again we have key US data releases like Retail Sales during June (0.8% exp.) and the Empire State manufacturing index (5.00 exp.) for July, and market participants would surely gauge the results against the timing of the Fed scaling back its bond buying programme, indicating that the pair would be under some pressure via the greenback. According to the research team at NAB, “Tapering of QE3 expected to be announced following the September FOMC meeting (but risk that it will be delayed to later in the year), with the end of QE not expected until the September quarter 2014. Fed fund rate rises are not expected until 2015”.
EUR/USD relevant levels
The pair is now falling 0.41% at 1.3024 and a dip beyond 1.2999 (low Jul.12) would open the door to 1.2982 (50% Fibo) and finally 1.2966 (low Jul.11). On the upside, resistance levels align at 1.3100 (high Jul.12) ahead of 1.3118 (MA30d) and then 1.3208 (high Jul.11).