16 Oct 2013
EUR/USD retreats from highs
FXstreet.com (Edinburgh) -The bloc currency is now easing from previous highs, taking the EUR/USD to the area of 1.3530/35 from levels below 1.3550.
EUR/USD keeps the weekly range
The pair remains in the middle of the weekly range, hovering over 1.3530 after the consumer prices in the 17-nation region banged on expectations in September, raising at an annual pace of 1.1%. The Core reading followed the same path, up 1.0%. Further data showed that the trade surplus shrunk to €7.1 billion in August, exceeding forecasts albeit lower than July’s €18 billion. According to Analyst Christin Tuxen at Danske Bank, “in our view, H2 will be dominated by both EUR and USD short-end rates having limited potential to increase further in the near term. Thus, we expect to see EUR/USD range-trading for the remainder of 2013”.
EUR/USD key levels
The pair is now up 0.04% at 1.3530 with the next resistance at 1.3571 (high Oct.15) followed by 1.3598 (high Oct.14) and then 1.3605 (high Oct.9). On the downside, a breach of 1.3479 (low Oct.15) would target 1.3467 (low Sep.30) en route to 1.3462 (low Sep.25).
EUR/USD keeps the weekly range
The pair remains in the middle of the weekly range, hovering over 1.3530 after the consumer prices in the 17-nation region banged on expectations in September, raising at an annual pace of 1.1%. The Core reading followed the same path, up 1.0%. Further data showed that the trade surplus shrunk to €7.1 billion in August, exceeding forecasts albeit lower than July’s €18 billion. According to Analyst Christin Tuxen at Danske Bank, “in our view, H2 will be dominated by both EUR and USD short-end rates having limited potential to increase further in the near term. Thus, we expect to see EUR/USD range-trading for the remainder of 2013”.
EUR/USD key levels
The pair is now up 0.04% at 1.3530 with the next resistance at 1.3571 (high Oct.15) followed by 1.3598 (high Oct.14) and then 1.3605 (high Oct.9). On the downside, a breach of 1.3479 (low Oct.15) would target 1.3467 (low Sep.30) en route to 1.3462 (low Sep.25).