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22 Oct 2013
EUR/USD keeps the tight range
FXstreet.com (Edinburgh) -The shared currency is alternating gains with losses on Tuesday, with the EUR/USD gyrating around 1.3670/80 as US Payrolls loom.
EUR/USD remains in the upper band of the range
The pair however is managing quite well to sustain the current levels, remaining at shouting distance from ytd highs at 1.3711 after the USD sharp sell-off propelled the pair from the proximities of 1.3500 the figure last week. In light of today’s Payrolls, Currency Analyst Lee Hardman observed, “We doubt that today’s report will be able to convince investors that the Fed will begin QE tapering before year end as originally planned, with tapering now appearing more likely to begin in Q1 2014 at the earliest. However it would at least be reassuring if labour market conditions were improving heading into the government shutdown and debt ceiling stand off which would support our view that the US economy will likely bounce back quickly now that a political agreement is in place”.
EUR/USD technical levels
The pair is now losing 0.11% at 1.3665 and a breakdown of 1.3615 (38.2% of 1.3472-1.3704) would open the door to 1.3600 (psychological level) and finally 1.3582 (MA10d). On the upside, the next resistance aligns at 1.3708 (high Oct.18) followed by 1.3711 (2013 high Feb.1) and then 1.3800 (psychological level).
EUR/USD remains in the upper band of the range
The pair however is managing quite well to sustain the current levels, remaining at shouting distance from ytd highs at 1.3711 after the USD sharp sell-off propelled the pair from the proximities of 1.3500 the figure last week. In light of today’s Payrolls, Currency Analyst Lee Hardman observed, “We doubt that today’s report will be able to convince investors that the Fed will begin QE tapering before year end as originally planned, with tapering now appearing more likely to begin in Q1 2014 at the earliest. However it would at least be reassuring if labour market conditions were improving heading into the government shutdown and debt ceiling stand off which would support our view that the US economy will likely bounce back quickly now that a political agreement is in place”.
EUR/USD technical levels
The pair is now losing 0.11% at 1.3665 and a breakdown of 1.3615 (38.2% of 1.3472-1.3704) would open the door to 1.3600 (psychological level) and finally 1.3582 (MA10d). On the upside, the next resistance aligns at 1.3708 (high Oct.18) followed by 1.3711 (2013 high Feb.1) and then 1.3800 (psychological level).