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27 Sep 2013
EUR/USD in highs beyond 1.3520
FXstreet.com (Edinburgh) -The euro is now finding extra impulse on Fed’s Charles Evans speech, pushing the EUR/USD to test fresh intraday highs beyond 1.3520.
EUR/USD focus on Fedspeak, US docket
The pair modestly bounced off session lows around 1.3490 after buying interest aggressively showed up. Dovish comments by Evans also collaborated in the upside, arguing that the current levels of US economic activity would not be consistent with tapering, as more confidence is needed. “Technically, the price action appears to be carving out a bullish flag pattern, but sometimes consolidative price action can be misleading. Only a break of the $1.3460-$1.3550 range will clarify the picture, and that seems unlikely today”, suggested BBH Global Currency Strategy Team.
EUR/USD levels to watch
At the moment the pair is up 0.22% at 1.3518 with the next resistance at 1.3555 (high Sep.23) ahead of 1.3569 (high Sep.19) and finally 1.3598 (high Feb.5). On the downside, a breach of 1.3459 (23.6% of 1.3104-.13569) would bring 1.3453 (high Aug.20) and then 1.3399 (high Aug.28).
EUR/USD focus on Fedspeak, US docket
The pair modestly bounced off session lows around 1.3490 after buying interest aggressively showed up. Dovish comments by Evans also collaborated in the upside, arguing that the current levels of US economic activity would not be consistent with tapering, as more confidence is needed. “Technically, the price action appears to be carving out a bullish flag pattern, but sometimes consolidative price action can be misleading. Only a break of the $1.3460-$1.3550 range will clarify the picture, and that seems unlikely today”, suggested BBH Global Currency Strategy Team.
EUR/USD levels to watch
At the moment the pair is up 0.22% at 1.3518 with the next resistance at 1.3555 (high Sep.23) ahead of 1.3569 (high Sep.19) and finally 1.3598 (high Feb.5). On the downside, a breach of 1.3459 (23.6% of 1.3104-.13569) would bring 1.3453 (high Aug.20) and then 1.3399 (high Aug.28).