3 Dec 2013
EUR/USD warming up for 1.3600?
FXstreet.com (Edinburgh) - The bid tone continues to favour the single currency on Tuesday, taking the EUR/USD to the proximity of the critical barrier at 1.3600.
EUR/USD capped by 1.3620/30
The rebound from post-ECB rate cut levels just below 1.3300 the figure seems to have found strong resistance in the 1.3620/30 band so far (late November peaks), with the pair being rejected to yesterday’s lows near 1.3520. Upbeat November PMI results from Germany and the EMU on Monday failed to give oxygen to the EUR a context dominated by the selling interest. “We continue to believe that US data and Friday’s NFP report in particular should be the defining feature of the week for FX markets, and with US 10 year yields pushing their November highs, that should be a key indicator to watch for signals on USD moves. For EUR/USD, last week’s range marked roughly by 1.3500 and 1.3620 remains intact for now”, suggested analysts at TD Securities.
EUR/USD levels to watch
The pair is now up 0.39% at 1.3592 with the initial resistance at 1.3616 (high Dec.2) followed by 1.3622 (high Nov.29) and then 1.3628 (61.8% of 1.3833-1.3295). On the flip side, a breakdown of 1.3525 (low Dec.2) would target 1.3515 (low Nov.26) en route to 1.3502 (MA21d).
EUR/USD capped by 1.3620/30
The rebound from post-ECB rate cut levels just below 1.3300 the figure seems to have found strong resistance in the 1.3620/30 band so far (late November peaks), with the pair being rejected to yesterday’s lows near 1.3520. Upbeat November PMI results from Germany and the EMU on Monday failed to give oxygen to the EUR a context dominated by the selling interest. “We continue to believe that US data and Friday’s NFP report in particular should be the defining feature of the week for FX markets, and with US 10 year yields pushing their November highs, that should be a key indicator to watch for signals on USD moves. For EUR/USD, last week’s range marked roughly by 1.3500 and 1.3620 remains intact for now”, suggested analysts at TD Securities.
EUR/USD levels to watch
The pair is now up 0.39% at 1.3592 with the initial resistance at 1.3616 (high Dec.2) followed by 1.3622 (high Nov.29) and then 1.3628 (61.8% of 1.3833-1.3295). On the flip side, a breakdown of 1.3525 (low Dec.2) would target 1.3515 (low Nov.26) en route to 1.3502 (MA21d).