12 Nov 2013
EUR/USD amidst range bound trading
FXstreet.com (Athens) – The ">EUR/USD has been caught amidst a tight range trading behavior pattern since the kick off of the Wellington trading session.
EUR/USD moves soggy trapped in muted trading action in Asia; later on speeches, on behalf of Buba, Weidmann, Nowotny may give some momentum to the cross
The EUR/USD is trading in consolidation mode amidst a very congested area (1.3390-1.3414). Later on, investors should focus on both ECB’s officials speeches (Assmusen, Nowotny, Weidmann), as well as on Fed’s speeches on behalf of Koherlakota, Fisher and Lockhart; traders all over the globe are awaiting that the key-note speakers will provide markets with their takes on policy.
Technical Aspects on the EUR/USD
Looking to the upper level we should mention that probably one of the most significant key resistant levels is the 50% Fibonacci retracement at the 1.3467 area, of the early September to the late’s October uptrend movement (6th September 1.3103- to 25th October 1.3832). The cross might break decently the 50% Fibonacci level in order to move higher above the 1.3500 handle. Lower, we could see solid support levels at the 61.8% Fibonacci retracement (6th September 1.3103- to 25th October 1.3832), near 1.3381, which in case is breached, would probably drag down the cross to the 1.3320 level.
EUR/USD moves soggy trapped in muted trading action in Asia; later on speeches, on behalf of Buba, Weidmann, Nowotny may give some momentum to the cross
The EUR/USD is trading in consolidation mode amidst a very congested area (1.3390-1.3414). Later on, investors should focus on both ECB’s officials speeches (Assmusen, Nowotny, Weidmann), as well as on Fed’s speeches on behalf of Koherlakota, Fisher and Lockhart; traders all over the globe are awaiting that the key-note speakers will provide markets with their takes on policy.
Technical Aspects on the EUR/USD
Looking to the upper level we should mention that probably one of the most significant key resistant levels is the 50% Fibonacci retracement at the 1.3467 area, of the early September to the late’s October uptrend movement (6th September 1.3103- to 25th October 1.3832). The cross might break decently the 50% Fibonacci level in order to move higher above the 1.3500 handle. Lower, we could see solid support levels at the 61.8% Fibonacci retracement (6th September 1.3103- to 25th October 1.3832), near 1.3381, which in case is breached, would probably drag down the cross to the 1.3320 level.