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8 Oct 2013
EUR/USD glued to 1.3568 support
FXstreet.com (Chicago) - EUR/USD flirts with immediate support at 1.3568 failing to contain bears despite greenback’s “under pressure” status.
Monday’s driving factors / performance
Jim Langlands, FXcharts contributor explains “The market remained stagnant on Monday, with the dollar rangebound against the Euro as the U.S. government shutdown entered a second week with few signs of a resolution and with traders now eyeing on the possibility of a U.S. debt default. On the face of it, the dollar has held up reasonably well given that the weekend saw no progress at all between the two sides of the US budget debate, but equally the Euro saw little reaction to the EU Sentix Investor Survey which reported a much weaker than expected +6.1 (exp +8.). If the US debt impasse continues, one cannot help thinking that this could be the calm before the storm, but at this stage, with no change at all from the weekend outlook, and with the added possibility of an imminent US default, the currency markets appear to be taking it all in its stride.”
EUR/USD Technical Levels
Price action reveals primary and secondary trends pointing up with short-term and intraday trends diverging and facing the grounds. Despite the extension of continuously steeper upward trendlines, the pair struggles to break through the 1.3580 zone. Offered at 1.3569, it oscillates between supports aligned at 1.3568 (September 19th highs), 1.3536 (September 25 highs) followed by 1.35 (October 1st lows) and the resistances set at 1.36 (October 2nd highs), 1.3646 (October 3rd highs) followed by 1.3715 (January 31st highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis with a neutral EMA20.
Monday’s driving factors / performance
Jim Langlands, FXcharts contributor explains “The market remained stagnant on Monday, with the dollar rangebound against the Euro as the U.S. government shutdown entered a second week with few signs of a resolution and with traders now eyeing on the possibility of a U.S. debt default. On the face of it, the dollar has held up reasonably well given that the weekend saw no progress at all between the two sides of the US budget debate, but equally the Euro saw little reaction to the EU Sentix Investor Survey which reported a much weaker than expected +6.1 (exp +8.). If the US debt impasse continues, one cannot help thinking that this could be the calm before the storm, but at this stage, with no change at all from the weekend outlook, and with the added possibility of an imminent US default, the currency markets appear to be taking it all in its stride.”
EUR/USD Technical Levels
Price action reveals primary and secondary trends pointing up with short-term and intraday trends diverging and facing the grounds. Despite the extension of continuously steeper upward trendlines, the pair struggles to break through the 1.3580 zone. Offered at 1.3569, it oscillates between supports aligned at 1.3568 (September 19th highs), 1.3536 (September 25 highs) followed by 1.35 (October 1st lows) and the resistances set at 1.36 (October 2nd highs), 1.3646 (October 3rd highs) followed by 1.3715 (January 31st highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis with a neutral EMA20.