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27 Nov 2013
EUR/USD testing the downside
FXstreet.com (London) - EUR/USD is trading back below the 1.36 handle still and is testing support 1.3570.
Earlier, a successful conclusion to coalition talks in the German parliament added to the positive tone of a decent German consumer confidence report and helped keep the EUR well supported. However, the pair is lost its grip on the 1.36 handle on upbeat consumer confidence from the US today and ahead of the holidays traders may be reluctant to the pair on over thin markets.
In a broader sense, strategists at TD Securities said fundamentals still point to a lower EUR (against the USD in particular) in their view, “…but we can’t ignore the seasonal patterns over the past ten years that have tended toward a higher EUR into the end of the year. With that in mind we find it hard to get behind this grind higher, but in the coming weeks we will be on the lookout for topping signals as a selling opportunity”.
EUR/USD Levels
The 20 DMA is 1.3499, the 50 DMA is 1.3559 and the 200 DMA is 1.3221. RSI (14) reads 56.66. Supports are ascending from 1.3444,1.3459, 1.3490 1.3515 and 1.3570. Spot is 1.3577 while resistances are 1.3600, 1.3627, 1.3646 and 1.3688.
Earlier, a successful conclusion to coalition talks in the German parliament added to the positive tone of a decent German consumer confidence report and helped keep the EUR well supported. However, the pair is lost its grip on the 1.36 handle on upbeat consumer confidence from the US today and ahead of the holidays traders may be reluctant to the pair on over thin markets.
In a broader sense, strategists at TD Securities said fundamentals still point to a lower EUR (against the USD in particular) in their view, “…but we can’t ignore the seasonal patterns over the past ten years that have tended toward a higher EUR into the end of the year. With that in mind we find it hard to get behind this grind higher, but in the coming weeks we will be on the lookout for topping signals as a selling opportunity”.
EUR/USD Levels
The 20 DMA is 1.3499, the 50 DMA is 1.3559 and the 200 DMA is 1.3221. RSI (14) reads 56.66. Supports are ascending from 1.3444,1.3459, 1.3490 1.3515 and 1.3570. Spot is 1.3577 while resistances are 1.3600, 1.3627, 1.3646 and 1.3688.