14 Oct 2013
EUR/USD around 1.3580, deal closer?
FXstreet.com (Edinburgh) -The shared currency keeps the bid tone at the end of the US session on Monday, taking the EUR/USD to the area of 1.3570/80.
EUR/USD propped up by optimism
Rumours underlying the possibility that US politicians could come to an agreement this week and re-open the US shutdown and raise the debt ceiling are bolstering investors’ sentiment. The next hours would probe to be vital, as the debt ceiling deadline looms closer (October 17th), although market consensus expects an eleventh-hour deal. Emmanuel Ng, Strategist at OCBC Bank, noted the pair “may continue to mull recent ranges pending further US fiscal developments this week and a 1.3440–1.3645 band may persist. Note cautionary remarks from the ECB’s Nowotny with regards to EUR strength on Friday and this may cap the pair, especially if risk appetite levels remain nervous”.
EUR/USD key levels
At the moment the pair is up 0.24% at 1.3575 with the next resistance at 1.3582 (high Oct.11) followed by 1.3605 (high Oct.9) and then 1.3631 (high Oct.4). On the flip side, a breakdown of 1.3518 (low Oct.11) would open the door to 1.3488 (low Oct.10) and finally 1.3486 (low Oct.9).
EUR/USD propped up by optimism
Rumours underlying the possibility that US politicians could come to an agreement this week and re-open the US shutdown and raise the debt ceiling are bolstering investors’ sentiment. The next hours would probe to be vital, as the debt ceiling deadline looms closer (October 17th), although market consensus expects an eleventh-hour deal. Emmanuel Ng, Strategist at OCBC Bank, noted the pair “may continue to mull recent ranges pending further US fiscal developments this week and a 1.3440–1.3645 band may persist. Note cautionary remarks from the ECB’s Nowotny with regards to EUR strength on Friday and this may cap the pair, especially if risk appetite levels remain nervous”.
EUR/USD key levels
At the moment the pair is up 0.24% at 1.3575 with the next resistance at 1.3582 (high Oct.11) followed by 1.3605 (high Oct.9) and then 1.3631 (high Oct.4). On the flip side, a breakdown of 1.3518 (low Oct.11) would open the door to 1.3488 (low Oct.10) and finally 1.3486 (low Oct.9).