2 Sep 2013
EUR/USD attempting to regain 1.3200
FXstreet.com (Edinburgh) -After bouncing off the vicinity of 1.3180, the EUR/USD is now creeping higher in another attempt to recover the key 1.3200 handle, as the trading session is drawing to a close.
EUR/USD would remain under pressure
Moving forwards to Tuesday’s docket in the bloc, the only releases will be the Spanish Unemployment Change for the month of August, with prior surveys expecting a decrease by 5.2K and the EMU’s Producer Prices. Across the pond, the normal activity will resume in the markets with the Markit Manufacturing PMI and the ISM Manufacturing (54.4 exp.) in the limelight. According to the last CFTC COT report, Strategist at Rabobank Christian Lawrence argued, “EUR net longs continued to rise, edging up to a high since May 2011…Yet again USD longs fell slightly but they still remain in positive territory. We expect our structurally bullish USD view to be reflected by market positioning going forward”.
EUR/USD levels to watch
At the moment the pair is losing 0.15% at 1.3195 and a break below 1.3173 (low Aug.30) would bring 1.3143 (MA200d) and then 1.3115 (low Jul.22). On the upside, the initial hurdle aligns at 1.3255 (high Aug.30) followed by 1.3298 (low Aug.22) and finally 1.3322 (low Aug.27).
EUR/USD would remain under pressure
Moving forwards to Tuesday’s docket in the bloc, the only releases will be the Spanish Unemployment Change for the month of August, with prior surveys expecting a decrease by 5.2K and the EMU’s Producer Prices. Across the pond, the normal activity will resume in the markets with the Markit Manufacturing PMI and the ISM Manufacturing (54.4 exp.) in the limelight. According to the last CFTC COT report, Strategist at Rabobank Christian Lawrence argued, “EUR net longs continued to rise, edging up to a high since May 2011…Yet again USD longs fell slightly but they still remain in positive territory. We expect our structurally bullish USD view to be reflected by market positioning going forward”.
EUR/USD levels to watch
At the moment the pair is losing 0.15% at 1.3195 and a break below 1.3173 (low Aug.30) would bring 1.3143 (MA200d) and then 1.3115 (low Jul.22). On the upside, the initial hurdle aligns at 1.3255 (high Aug.30) followed by 1.3298 (low Aug.22) and finally 1.3322 (low Aug.27).