7 Aug 2013
EUR/USD hovering over 1.3300
FXstreet.com (Edinburgh) -The upbeat tone continues to prevail around the single currency, driving the EUR/USD to the area of 1.3300 the figure on Wednesday.
EUR/USD focus on German data
Thin docket in the euro area, with the focus only on the German industrial production figures, will shift attention to the BoE Quarterly Inflation Report as the main risk event in Europe, with its effects surely spilling over the rest of the markets. “The broad 1.25-1.37 range persists… Current gains look relatively impulsive, but an interim correction, back towards 1.3050, is likely to develop. A slip now below 1.3265 could begin the correction (confirmed below 1.3225). If support proves to be solid at 1.3050, another push towards 1.3500 may develop as range defining continues”, suggested Tim Riddell, Head of Global Markets Research at ANZ.
EUR/USD key levels
The pair is now advancing 0.02% at 1.3308 facing the next resistance at 1.3345 (high Jul.31) ahead of 1.3417 (high Jun.19) and then 1.3456 (high Feb.14). On the flip side, a break below 1.3246 (low Aug.6) would expose 1.3233 (low Aug.5) and finally 1.3200 (psychological level).
EUR/USD focus on German data
Thin docket in the euro area, with the focus only on the German industrial production figures, will shift attention to the BoE Quarterly Inflation Report as the main risk event in Europe, with its effects surely spilling over the rest of the markets. “The broad 1.25-1.37 range persists… Current gains look relatively impulsive, but an interim correction, back towards 1.3050, is likely to develop. A slip now below 1.3265 could begin the correction (confirmed below 1.3225). If support proves to be solid at 1.3050, another push towards 1.3500 may develop as range defining continues”, suggested Tim Riddell, Head of Global Markets Research at ANZ.
EUR/USD key levels
The pair is now advancing 0.02% at 1.3308 facing the next resistance at 1.3345 (high Jul.31) ahead of 1.3417 (high Jun.19) and then 1.3456 (high Feb.14). On the flip side, a break below 1.3246 (low Aug.6) would expose 1.3233 (low Aug.5) and finally 1.3200 (psychological level).