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27 Aug 2013
EUR/USD fails to progress despite bad US data – 1.3409 resistance looms
FXstreet.com (Barcelona) - The EUR/USD got a pop after the awful US Durable Goods numbers came out but quickly tumbled back to the downside after only 30 minutes.
EUR/USD traders get German appetizer before US dinner later
After the putrid US Durable Goods numbers were released, the EUR/USD managed only to climb to 1.3393 before giving way and tumbling back into the sideways (for the week) quagmire it was in prior to the release.
Early Tuesday, traders will get German IFO Current Assessment, Business Climate and Expectations – which can, if they come in too far away from expectations, push the EUR/USD in one direction or the other. Later Tuesday, the S&P Case Schiller Home Price Index, Consumer Confidence numbers and the Richmond Fed Manufacturing Index will be released in the US.
Technical outlook for EUR/USD
Technicians say 1.3409 remains the key upside correction resistance level to monitor for EUR/USD. A break and close above that level would surely have the bears running for cover while a hold of resistance there would further embolden them. The technicians who say EUR/USD topped at around 1.34 – 1.35 have as their downside target 1.24 – 1.25. A close below Friday’s low at 1.3332 would be the first nail in the coffin of the bears.
EUR/USD traders get German appetizer before US dinner later
After the putrid US Durable Goods numbers were released, the EUR/USD managed only to climb to 1.3393 before giving way and tumbling back into the sideways (for the week) quagmire it was in prior to the release.
Early Tuesday, traders will get German IFO Current Assessment, Business Climate and Expectations – which can, if they come in too far away from expectations, push the EUR/USD in one direction or the other. Later Tuesday, the S&P Case Schiller Home Price Index, Consumer Confidence numbers and the Richmond Fed Manufacturing Index will be released in the US.
Technical outlook for EUR/USD
Technicians say 1.3409 remains the key upside correction resistance level to monitor for EUR/USD. A break and close above that level would surely have the bears running for cover while a hold of resistance there would further embolden them. The technicians who say EUR/USD topped at around 1.34 – 1.35 have as their downside target 1.24 – 1.25. A close below Friday’s low at 1.3332 would be the first nail in the coffin of the bears.