13 Dec 2013
EUR/USD setback pauses ahead of 1.3700
FXstreet.com (Córdoba) - Following a quick drop to fresh 4-day lows, the EUR/USD found support and even managed to recover some ground heading into the American session.
Amid broad USD strength, the EUR/USD came under pressure and broke below the 1.3740 area, stretching to a low of 1.3708 before bouncing slightly. With only November US PPI due for release today, the FX market could enjoy a session of consolidation as investors gear up for next week's Fed decision.
The latest batch of US data, including strong NFP, has come above expectations, reviving speculations the Fed could begin to scale back its bond purchases this month or early into the next year.
EUR/USD levels to watch
At time of writing, the EUR/USD is trading at the 1.3725 zone, still 0.2% below its opening price, with immediate supports lining up at 1.3700 (psychological level) and 1.3685 (10-day SMA). On the flip side, resistances are seen at 1.3735 (intraday resistance/Dec 12 low) and 1.3770 (daily high), followed by 1.3811 (Dec 11 high) and 1.3832 (Oct 31 high).
Amid broad USD strength, the EUR/USD came under pressure and broke below the 1.3740 area, stretching to a low of 1.3708 before bouncing slightly. With only November US PPI due for release today, the FX market could enjoy a session of consolidation as investors gear up for next week's Fed decision.
The latest batch of US data, including strong NFP, has come above expectations, reviving speculations the Fed could begin to scale back its bond purchases this month or early into the next year.
EUR/USD levels to watch
At time of writing, the EUR/USD is trading at the 1.3725 zone, still 0.2% below its opening price, with immediate supports lining up at 1.3700 (psychological level) and 1.3685 (10-day SMA). On the flip side, resistances are seen at 1.3735 (intraday resistance/Dec 12 low) and 1.3770 (daily high), followed by 1.3811 (Dec 11 high) and 1.3832 (Oct 31 high).