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20 Sep 2013
EUR/USD eases below 1.3520
FXstreet.com (Edinburgh) -The selling interest is now gathering steam on Friday, driving the EUR/USD to test intraday lows in the area of 1.3520/15.
EUR/USD attention on Germany
While market participants keep digesting the dovish FOMC meeting, the focus seems now to be on the German elections due over the weekend as the immediate event risk for the EUR. In another tone, Italian industrial sector posted lacklustre results, with industrial orders sinking at an annual pace of 2.2% and industrial sales following the same path, down 3.6%. The Swiss bank UBS is now holding a bullish stance on the pair, with strategists G.Berry and G.Yu adding “As a reaction to the sharp advance, there is scope for a short-term setback to unwind. Support is at 1.3501 ahead of 1.3392. Resistance is at 1.3569, a break above which would open the way to major resistance at 1.3711”.
EUR/USD critical levels
The pair is now up 0.01% at 1.3531 with the next resistance at 1.3569 (high Sep.19) followed by 1.3598 (high Feb.5) and finally 1.3660 (high Feb.4). On the flip side, 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).
EUR/USD attention on Germany
While market participants keep digesting the dovish FOMC meeting, the focus seems now to be on the German elections due over the weekend as the immediate event risk for the EUR. In another tone, Italian industrial sector posted lacklustre results, with industrial orders sinking at an annual pace of 2.2% and industrial sales following the same path, down 3.6%. The Swiss bank UBS is now holding a bullish stance on the pair, with strategists G.Berry and G.Yu adding “As a reaction to the sharp advance, there is scope for a short-term setback to unwind. Support is at 1.3501 ahead of 1.3392. Resistance is at 1.3569, a break above which would open the way to major resistance at 1.3711”.
EUR/USD critical levels
The pair is now up 0.01% at 1.3531 with the next resistance at 1.3569 (high Sep.19) followed by 1.3598 (high Feb.5) and finally 1.3660 (high Feb.4). On the flip side, 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).