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20 Sep 2013
EUR/USD how long until a test of 1.35?
FXstreet.com (Edinburgh) -The shared currency is now intensifying its descent on Friday, dragging the EUR/USD to fresh lows in the vicinity of 1.3510.
EUR/USD in the brink of challenging 1.3500
The pair is adding to today’s erratic behaviour, now falling from session peaks in the boundaries of 1.3550 to current troughs at 1.3510/00. Analysts at TD Securities observed “the bigger fundamental event for the currency pair in the coming days is the German federal elections on Sunday. Perhaps the more significant risk for the EUR though is that the ‘anti-euro’ AfD party gains representation in the parliament. Fundamental pressure on EUR/USD fits with the short term toppish signals on the charts, but in the wake of the Fed’s dovish move earlier this week we now expect a retest of 1.37 (the highs that we saw earlier in the year) are in order in the coming weeks”.
EUR/USD critical levels
The pair is now losing 0.15% at 1.3509 and a breakdown of 1.3501 (low Sep.19) would open the door to 1.3453 (high Aug.20) and finally 1.3399 (high Aug.28). On the upside, the initial resistance aligns at 1.3569 (high Sep.19) followed by 1.3598 (high Feb.5) and finally 1.3660 (high Feb.4).
EUR/USD in the brink of challenging 1.3500
The pair is adding to today’s erratic behaviour, now falling from session peaks in the boundaries of 1.3550 to current troughs at 1.3510/00. Analysts at TD Securities observed “the bigger fundamental event for the currency pair in the coming days is the German federal elections on Sunday. Perhaps the more significant risk for the EUR though is that the ‘anti-euro’ AfD party gains representation in the parliament. Fundamental pressure on EUR/USD fits with the short term toppish signals on the charts, but in the wake of the Fed’s dovish move earlier this week we now expect a retest of 1.37 (the highs that we saw earlier in the year) are in order in the coming weeks”.
EUR/USD critical levels
The pair is now losing 0.15% at 1.3509 and a breakdown of 1.3501 (low Sep.19) would open the door to 1.3453 (high Aug.20) and finally 1.3399 (high Aug.28). On the upside, the initial resistance aligns at 1.3569 (high Sep.19) followed by 1.3598 (high Feb.5) and finally 1.3660 (high Feb.4).