10 Dec 2013
EUR/USD retreats from 1.3770
FXstreet.com (Edinburgh) - After hitting fresh 6-week highs near 1.3770 overnight, the EUR/USD is now easing some ground to the area of 1.3750.
EUR/USD stronger as risk appetite persists
The EUR rally remains intact, advancing for six consecutive weeks and trading closer to the 2013 highs just beyond 1.3830. The generalized selling bias in the greenback continues to be the source of the current strength in the euro, despite the recent strong numbers from US Payrolls. Data wise in the euro area, French and Italian Industrial Production figures are due as well as the Q3 GDP results in Italy, all preceding President Draghi’s speech in the European midday. The US docket is almost non-existent, with only the Business Optimism index by NFIB worth mentioning.
EUR/USD levels to watch
As of writing the pair is up 0.08% at 1.3751 with the next resistance at 1.3787 (high Oct.30) ahead of 1.3818 (high Oct.28) and finally 1.3833 (high Oct.25). On the flip side, a breakdown of 1.3695 (low Dec.9) would open the door to 1.3638 (daily cloud top) and then 1.3620 (low Dec.6).
EUR/USD stronger as risk appetite persists
The EUR rally remains intact, advancing for six consecutive weeks and trading closer to the 2013 highs just beyond 1.3830. The generalized selling bias in the greenback continues to be the source of the current strength in the euro, despite the recent strong numbers from US Payrolls. Data wise in the euro area, French and Italian Industrial Production figures are due as well as the Q3 GDP results in Italy, all preceding President Draghi’s speech in the European midday. The US docket is almost non-existent, with only the Business Optimism index by NFIB worth mentioning.
EUR/USD levels to watch
As of writing the pair is up 0.08% at 1.3751 with the next resistance at 1.3787 (high Oct.30) ahead of 1.3818 (high Oct.28) and finally 1.3833 (high Oct.25). On the flip side, a breakdown of 1.3695 (low Dec.9) would open the door to 1.3638 (daily cloud top) and then 1.3620 (low Dec.6).