Back
3 Oct 2013
EUR/USD consolidating gains beyond 1.3600
FXstreet.com (Edinburgh) -The EUR/USD is confirming its recent sharp advance above the 1.3600 handle towards the end of the trading session in Wall St.
EUR/USD eyes on shutdown, debt ceiling
The pair remains well bid above 1.3600 amidst increasing USD weakness stemming from the US Government shutdown. Adding to the grim scenario, market participants have already started to express their concerns about the debt ceiling negotiations, as the dialog between the involved parts remains still distant. In the opinion of Camilla Sutton, Chief Strategy at Scotiabank, the short term technical studies remain bullish, “all signals are in buy territory, spot is hit daily new highs and there are no warning signs, with the RSI at 70, it has yet to enter overbought territory. EUR looks poised to rally to the ytd high of 1.3711; accordingly for short-term traders we favour being long at 1.3600, targeting 1.3711”.
EUR/USD key levels
The pair is now advancing 0.32% at 1.3623 with the next resistance at 1.3660 (high Feb.4) ahead of 1.3711 (2013 high Feb.1) and then 1.3800 (psychological level). On the downside, a break below 1.3578 (low Oct.3) would clear the way to 1.3526 (MA10d) and finally 1.3505 (low Oct.2).
EUR/USD eyes on shutdown, debt ceiling
The pair remains well bid above 1.3600 amidst increasing USD weakness stemming from the US Government shutdown. Adding to the grim scenario, market participants have already started to express their concerns about the debt ceiling negotiations, as the dialog between the involved parts remains still distant. In the opinion of Camilla Sutton, Chief Strategy at Scotiabank, the short term technical studies remain bullish, “all signals are in buy territory, spot is hit daily new highs and there are no warning signs, with the RSI at 70, it has yet to enter overbought territory. EUR looks poised to rally to the ytd high of 1.3711; accordingly for short-term traders we favour being long at 1.3600, targeting 1.3711”.
EUR/USD key levels
The pair is now advancing 0.32% at 1.3623 with the next resistance at 1.3660 (high Feb.4) ahead of 1.3711 (2013 high Feb.1) and then 1.3800 (psychological level). On the downside, a break below 1.3578 (low Oct.3) would clear the way to 1.3526 (MA10d) and finally 1.3505 (low Oct.2).