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31 Oct 2013
EUR/USD calm ahead of EMU data
FXstreet.com (Edinburgh) -The EUR/USD keeps the intraday range on Thursday, hovering over the key level at 1.3700 ahead of EMU’s CPI results due at the top of the hour.
EUR/USD remains in the red territory
The offered tone around the bloc currency remains intact however, with the pair still digesting the FOMC meeting and poor data from the retail sector in Germany and higher unemployment in Italy (12.5% in September). Ahead in the day, flash EMU consumer prices are due, with consensus pointing to an annual increment of 1.1% for the month of October, matching the previous reading. Strategist Emmanuel Ng at OCBC Bank suggested, “Although the ECB remains nonplussed with the EUR’s levels, a supported dollar undertone in the immediate wake of the FOMC may see the pair attempting to base build around the 1.3675/00 area”.
EUR/USD levels to watch
At the moment the pair is down 0.24% at 1.3702 facing the next support at 1.3696 (low Oct.30) ahead of 1.3662 (low Oct.22) and finally 1.3653 (50% of 1.3472-1.3833). On the upside, a break above 1.3787 (high Oct.30) would open the door to 1.3818 (high Oct.28) and then 1.3833 (2013 high Oct.25).
EUR/USD remains in the red territory
The offered tone around the bloc currency remains intact however, with the pair still digesting the FOMC meeting and poor data from the retail sector in Germany and higher unemployment in Italy (12.5% in September). Ahead in the day, flash EMU consumer prices are due, with consensus pointing to an annual increment of 1.1% for the month of October, matching the previous reading. Strategist Emmanuel Ng at OCBC Bank suggested, “Although the ECB remains nonplussed with the EUR’s levels, a supported dollar undertone in the immediate wake of the FOMC may see the pair attempting to base build around the 1.3675/00 area”.
EUR/USD levels to watch
At the moment the pair is down 0.24% at 1.3702 facing the next support at 1.3696 (low Oct.30) ahead of 1.3662 (low Oct.22) and finally 1.3653 (50% of 1.3472-1.3833). On the upside, a break above 1.3787 (high Oct.30) would open the door to 1.3818 (high Oct.28) and then 1.3833 (2013 high Oct.25).