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27 Nov 2013
EUR/USD retreats after US consumer sentiment
FXstreet.com (Córdoba) - The rally of the EUR/USD lost momentum after hitting a fresh 4-week high of 1.3612 and following a consolidation phase, the pair came under pressure in the wake of a strong US consumer sentiment reading.
The Reuters/Michigan consumer confidence index rose to 75.1 in November beating expectations of 73.5 sending the EUR/USD to a session low of 1.3575. However, the pair seems to have found support at that level and it is currently trading around 1.3585, still up 0.1% on the day.
EUR/USD technical outlook
"The EUR/USD holds around a fresh 4 week high of 1.3612 reached in the European morning, maintaining the overall positive tone despite the slow price reaction", says Valeria Bednarik, chief analyst at FXstreet.com. "A break above mentioned high should favor a continued advance towards 1.3660, next strong resistance level".
Bednarik locates immediate resistances at 1.3620, 1.3660 and 1.3710, while she sees supports at 1.3550 and 1.3520.
The Reuters/Michigan consumer confidence index rose to 75.1 in November beating expectations of 73.5 sending the EUR/USD to a session low of 1.3575. However, the pair seems to have found support at that level and it is currently trading around 1.3585, still up 0.1% on the day.
EUR/USD technical outlook
"The EUR/USD holds around a fresh 4 week high of 1.3612 reached in the European morning, maintaining the overall positive tone despite the slow price reaction", says Valeria Bednarik, chief analyst at FXstreet.com. "A break above mentioned high should favor a continued advance towards 1.3660, next strong resistance level".
Bednarik locates immediate resistances at 1.3620, 1.3660 and 1.3710, while she sees supports at 1.3550 and 1.3520.