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7 Oct 2013
EUR/USD looks to stabilize around 1.3570/80
FXstreet.com (Edinburgh) -The EUR/USD is now attempting a congestion pattern around 1.3570/80, as markets are slowly entering the last part of the session in Wall St.
EUR/USD to keep the range on Tuesday
Moving forwards to Tuesday’s docket in the 17-nation region, German trade balance figures and factory orders will be in the spotlight, whereas in the US most of the releases are second tier, being the most relevant events the speeches by Pianalto and Plosser. According to Camilla Sutton, Chief Strategist at Scotiabank, the short term technical studies remain on the buying side, adding “all signals are firmly within buy territory, suggesting the momentum remains upward. For short-term traders we continue to favour long positions”.
EUR/USD key levels
The pair is now advancing 0.14% at 1.3576 with the initial hurdle at 1.3632 (high Oct.4) followed by 1.3646 (high Oct.3) and then 1.3660 (high Feb.4). On the flip side, a violation of 1.3553 (low Oct.7) would target 1.3540 (MA10d) en route to 1.3538 (low Oct.4).
EUR/USD to keep the range on Tuesday
Moving forwards to Tuesday’s docket in the 17-nation region, German trade balance figures and factory orders will be in the spotlight, whereas in the US most of the releases are second tier, being the most relevant events the speeches by Pianalto and Plosser. According to Camilla Sutton, Chief Strategist at Scotiabank, the short term technical studies remain on the buying side, adding “all signals are firmly within buy territory, suggesting the momentum remains upward. For short-term traders we continue to favour long positions”.
EUR/USD key levels
The pair is now advancing 0.14% at 1.3576 with the initial hurdle at 1.3632 (high Oct.4) followed by 1.3646 (high Oct.3) and then 1.3660 (high Feb.4). On the flip side, a violation of 1.3553 (low Oct.7) would target 1.3540 (MA10d) en route to 1.3538 (low Oct.4).