11 Nov 2013
EUR/USD higher around 1.3370
FXstreet.com (Edinburgh) -The shared currency is extending its congestion pattern around Friday’s close, with the EUR/USD hovering over 1.3365/70.
EUR/USD posed for consolidation
The absence of data in the euro area plus the Veterans Day in the US would leave the pair mostly range-bound at the beginning of the week, with markets still digesting last Friday’s strong Payrolls number (204K). Events-wise, Budesbank’s President J.Weidmann would give a speech in the European evening. The speech would be closely followed by the FX universe in light of the recent ECB rate cut. It is worth mentioning that Weidmann was one of the three dissenters regarding the decision. Analysts at BTMU keep a bullish bias on the pair, although they assessed “An ECB refi rate cut alone is unlikely to prove enough to lead to sustained euro weakness in the near-term. However, weak growth and low inflation will keep pressure upon the ECB to ease monetary policy again in the future”.
EUR/USD key levels
As of writing the pair is now advancing 0.08% at 1.3371 with the next resistance at 1.3548 (high Nov.6) ahead of 1.3589 (high Nov.1) and then 1.3591 (38.2% of 1.3833-1.3442). On the flip side, a break below 1.3295 (low 7 Nov.) would aim for 1.3294 (50% 1.2755-1.3833) and then 1.3254 (low Sep.13).
EUR/USD posed for consolidation
The absence of data in the euro area plus the Veterans Day in the US would leave the pair mostly range-bound at the beginning of the week, with markets still digesting last Friday’s strong Payrolls number (204K). Events-wise, Budesbank’s President J.Weidmann would give a speech in the European evening. The speech would be closely followed by the FX universe in light of the recent ECB rate cut. It is worth mentioning that Weidmann was one of the three dissenters regarding the decision. Analysts at BTMU keep a bullish bias on the pair, although they assessed “An ECB refi rate cut alone is unlikely to prove enough to lead to sustained euro weakness in the near-term. However, weak growth and low inflation will keep pressure upon the ECB to ease monetary policy again in the future”.
EUR/USD key levels
As of writing the pair is now advancing 0.08% at 1.3371 with the next resistance at 1.3548 (high Nov.6) ahead of 1.3589 (high Nov.1) and then 1.3591 (38.2% of 1.3833-1.3442). On the flip side, a break below 1.3295 (low 7 Nov.) would aim for 1.3294 (50% 1.2755-1.3833) and then 1.3254 (low Sep.13).