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16 Sep 2013
EUR/USD remains bid around 1.3350
FXstreet.com (Edinburgh) -The demand for the shared currency is alive on Monday, with the EUR/USD hovering over 1.3350/60 amidst a generalized tone favouring the risk-related assets.
EUR/USD focus on ZEW
The pair would see further impulse on Tuesday if the German and EMU’s ZEW Survey exceed forecasts, as widely expected. The critical resistance band at 1.3400/50 would then come into focus, reminding euro bulls of their failed attempts to follow through it in the past weeks. “It’s also worth noting that peripheral EZ yields have moved wider v. core yields in overnight trading, suggesting the persistence of a bit more risk aversion than indicated elsewhere in the markets. All that suggests to us that the initial reaction to the Larry Summers news may be a bit overdone, and overall we still favour selling into the overnight rally”, commented S.Osborne and G.Moore, FX Strategists at TD Securities.
EUR/USD levels to watch
As of writing the pair is up 0.45% at 1.3355 with the next hurdle at 1.3399 (high Aug.28) ahead of 1.3410 (high Aug.23) and then 1.3427 (high Aug.21). On the flip side, a breakdown of 1.3298 (low Sep.16) would open the door to 1.3254 (low Sep.13) and finally 1.3247 (MA10d).
EUR/USD focus on ZEW
The pair would see further impulse on Tuesday if the German and EMU’s ZEW Survey exceed forecasts, as widely expected. The critical resistance band at 1.3400/50 would then come into focus, reminding euro bulls of their failed attempts to follow through it in the past weeks. “It’s also worth noting that peripheral EZ yields have moved wider v. core yields in overnight trading, suggesting the persistence of a bit more risk aversion than indicated elsewhere in the markets. All that suggests to us that the initial reaction to the Larry Summers news may be a bit overdone, and overall we still favour selling into the overnight rally”, commented S.Osborne and G.Moore, FX Strategists at TD Securities.
EUR/USD levels to watch
As of writing the pair is up 0.45% at 1.3355 with the next hurdle at 1.3399 (high Aug.28) ahead of 1.3410 (high Aug.23) and then 1.3427 (high Aug.21). On the flip side, a breakdown of 1.3298 (low Sep.16) would open the door to 1.3254 (low Sep.13) and finally 1.3247 (MA10d).