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28 Nov 2013
EUR/USD climbs beyond 1.3600
FXstreet.com (Edinburgh) - A bout of buying interest after the Spanish data lifted the EUR/USD to fresh session highs above the 1.3600 handle on Thursday.
EUR/USD buoyed by better data
The pair managed to surpass the key barrier at 1.3600 after the economic activity in the Mediterranean country expanded 0.1% inter-quarter and contracted at an annual pace of 1.1%, bettering Q2’s -0.1% and -1.6%, respectively. Still in Spain, consumer prices gauged by the flash HICP rose 0.3% on a yearly basis for the month of November, surpassing the median and previous print at 0.0%. Tim Riddell, Head of Global Markets Research at ANZ, commented, “the late-October fall below 1.3650 undermined potential for a test of the 1.4000 area and has re-instated the favoured technical bias for broad range trading. It should again be noted that the 1.3835 high coincided with a 61.8% retracement of the slide from the 2011 high”.
EUR/USD levels to watch
As of writing the pair is up 0.23% at 1.3606 with the next resistance at 1.3613 (high Nov.27) followed by 1.3628 (61.8% of 1.3822-1.3295) and finally 1.3696 (low Oct.30). On the downside, a dip beyond 1.3558 (low Nov.27) would target 1.3515 (low Nov.26) en route to 1.3504 (MA21d).
EUR/USD buoyed by better data
The pair managed to surpass the key barrier at 1.3600 after the economic activity in the Mediterranean country expanded 0.1% inter-quarter and contracted at an annual pace of 1.1%, bettering Q2’s -0.1% and -1.6%, respectively. Still in Spain, consumer prices gauged by the flash HICP rose 0.3% on a yearly basis for the month of November, surpassing the median and previous print at 0.0%. Tim Riddell, Head of Global Markets Research at ANZ, commented, “the late-October fall below 1.3650 undermined potential for a test of the 1.4000 area and has re-instated the favoured technical bias for broad range trading. It should again be noted that the 1.3835 high coincided with a 61.8% retracement of the slide from the 2011 high”.
EUR/USD levels to watch
As of writing the pair is up 0.23% at 1.3606 with the next resistance at 1.3613 (high Nov.27) followed by 1.3628 (61.8% of 1.3822-1.3295) and finally 1.3696 (low Oct.30). On the downside, a dip beyond 1.3558 (low Nov.27) would target 1.3515 (low Nov.26) en route to 1.3504 (MA21d).