24 Sep 2013
EUR/USD regains 1.3500, IFO eyed
FXstreet.com (Edinburgh) -The shared currency managed to break above the consolidation pattern overnight, lifting the EUR/USD to the boundaries of 1.3500 the figure ahead of the German IFO series.
EUR/USD correction higher ahead?
The pair may see the chance to escalate further on Tuesday, as the IFO series are expected to improve during September in all of its components, giving some oxygen to the EUR amidst the prevailing risk-off trade. In light of yesterday’s dovish comments by ECB’s Mario Draghi, Analyst Mansoor Mohi-uddin at UBS commented, “Given the dovish stance of the ECB, we would expect any rallies in the euro through this year's high of 1.37 against the dollar to be met by renewed threats to loosen monetary policy further”.
EUR/USD key levels
At the moment the pair is up 0.07% at 1.3503 facing the next hurdle at 1.3525 (hourly cloud top) followed by 1.3555 (high Sep.23) and finally 1.3569 (high Sep.19). On the downside, a break below 1.3453 (high Aug.20) would target 1.3399 (high Aug.28) en route to 1.3385 (high sep.16).
EUR/USD correction higher ahead?
The pair may see the chance to escalate further on Tuesday, as the IFO series are expected to improve during September in all of its components, giving some oxygen to the EUR amidst the prevailing risk-off trade. In light of yesterday’s dovish comments by ECB’s Mario Draghi, Analyst Mansoor Mohi-uddin at UBS commented, “Given the dovish stance of the ECB, we would expect any rallies in the euro through this year's high of 1.37 against the dollar to be met by renewed threats to loosen monetary policy further”.
EUR/USD key levels
At the moment the pair is up 0.07% at 1.3503 facing the next hurdle at 1.3525 (hourly cloud top) followed by 1.3555 (high Sep.23) and finally 1.3569 (high Sep.19). On the downside, a break below 1.3453 (high Aug.20) would target 1.3399 (high Aug.28) en route to 1.3385 (high sep.16).