5 Sep 2013
EUR/USD correcting higher modestly; upside target 1.3241
FXstreet.com (Barcelona) - The EURUSD finally caught a bid Wednesday as the DXY took a day off from its torrid bullish run. ECB decision and a flurry of US data to drive the action Thursday.
German orders, the ECB’s decision and a flurry of US data to drive things Thursday
The EUR/USD finally saw a little upside Wednesday after the US Fed’s “Beige Book” survey of economic conditions showed only modest economic growth / activity and little / no inflation pressure across the 12 districts of the US. The report wasn’t bad at all. However, anything shy of blowout positive data would have likely given traders an excuse to let the DXY come back in a little bit.
Thursday will give traders plenty of data and news to digest:
• Euro data: German Factory Orders and the ECB Interest Rate Decision / policy statement,
• US data: ADP Employment Change; US Weekly Jobless Claims; US Non-Farm Productivity & Labor Costs; US Factory Orders; US ISM Non-Manufacturing PMI; and, the Fed’s Narayana Kocherlakota will be speaking later in the session
Technical outlook for EUR/USD
Technicians say EUR/USD remains broken technically, but that a corrective bounce could take the EUR/USD up to the 1.3241 to 1.3273 range. The very maximum resistance comes into play at 1.3297. The downside target once this corrective rally tops out will be 1.3100 to 1.3138.
German orders, the ECB’s decision and a flurry of US data to drive things Thursday
The EUR/USD finally saw a little upside Wednesday after the US Fed’s “Beige Book” survey of economic conditions showed only modest economic growth / activity and little / no inflation pressure across the 12 districts of the US. The report wasn’t bad at all. However, anything shy of blowout positive data would have likely given traders an excuse to let the DXY come back in a little bit.
Thursday will give traders plenty of data and news to digest:
• Euro data: German Factory Orders and the ECB Interest Rate Decision / policy statement,
• US data: ADP Employment Change; US Weekly Jobless Claims; US Non-Farm Productivity & Labor Costs; US Factory Orders; US ISM Non-Manufacturing PMI; and, the Fed’s Narayana Kocherlakota will be speaking later in the session
Technical outlook for EUR/USD
Technicians say EUR/USD remains broken technically, but that a corrective bounce could take the EUR/USD up to the 1.3241 to 1.3273 range. The very maximum resistance comes into play at 1.3297. The downside target once this corrective rally tops out will be 1.3100 to 1.3138.