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30 Sep 2013
EUR/USD treading water around 1.3500
FXstreet.com (Edinburgh) -The bloc currency extends its consolidation attempt on Monday, with the EUR/USD meandering around a narrow range at 1.3490/1.3500.
EUR/USD attention on US events
The pair remains stuck around 1.3500 the figure at the beginning of the week, bouncing off session lows near 1.3480 as the re-emergence of Berlusconi-induced political jitters in Italy over the weekend was weighing on sentiment. The euro managed to recover almost half the earlier pullback although the events across the pond would cap any attempt of climbing further. Shaun Osborne and Greg Moore, FX Strategists at TD Securities commented, | settled into a 1.3450/1.3570 (roughly) range post-FOMC but the market lacks conviction about the next move. We think a break either side of that range would prompt an extension of the move of around 100-150 ticks. Worries about the stability of the Letta government in Rome may see the downside of that range pressured initially this week”
EUR/USD levels to watch
The pair is now losing 0.18% at 1.3497 and a break below 1.3467 (low Sep.20) would aim for 1.3462 (low Sep.25) and finally 1.3459 (23.6% of 1.3104-.13569). On the upside, the initial barrier lies at 1.3565 (high Sep.27) ahead of 1.3569 (high Sep.19) and then 1.3598 (high Feb.5).
EUR/USD attention on US events
The pair remains stuck around 1.3500 the figure at the beginning of the week, bouncing off session lows near 1.3480 as the re-emergence of Berlusconi-induced political jitters in Italy over the weekend was weighing on sentiment. The euro managed to recover almost half the earlier pullback although the events across the pond would cap any attempt of climbing further. Shaun Osborne and Greg Moore, FX Strategists at TD Securities commented, | settled into a 1.3450/1.3570 (roughly) range post-FOMC but the market lacks conviction about the next move. We think a break either side of that range would prompt an extension of the move of around 100-150 ticks. Worries about the stability of the Letta government in Rome may see the downside of that range pressured initially this week”
EUR/USD levels to watch
The pair is now losing 0.18% at 1.3497 and a break below 1.3467 (low Sep.20) would aim for 1.3462 (low Sep.25) and finally 1.3459 (23.6% of 1.3104-.13569). On the upside, the initial barrier lies at 1.3565 (high Sep.27) ahead of 1.3569 (high Sep.19) and then 1.3598 (high Feb.5).