24 Sep 2013
EUR/USD vulnerable around 1.3490
FXstreet.com (Edinburgh) -The shared currency is testing intraday lows in the area of 1.3490/85 on Tuesday, dragging the EUR/USD lower as selling interest is intensifying after the poor IFO results.
EUR/USD pressure to the downside is mounting
The pair is on its way to test Monday’s lows at 1.3480 with the US docket on the horizon, leaving the door open for further pullbacks should the data exceed expectations. Disappointing IFO numbers plus the dovish tone from ECB’s Draghi and mixed PMIs on Monday continue to weigh on the EUR. Emmanuel Ng, Strategist at OCBC Bank, suggested, “In the near term, we continue to stay constructive on the pair although an interim cap may kick in around the 1.3515 area if 1.3500 is tested. Downside support is expected towards 1.3450”.
EUR/USD key levels
At the moment the pair is losing 0.03% at 1.3489 and a breakdown of 1.3453 (high Aug.20) would target 1.3399 (high Aug.28) en route to 1.3385 (high sep.16). On the other hand, the initial hurdle aligns at 1.3525 (hourly cloud top) followed by 1.3555 (high Sep.23) and finally 1.3569 (high Sep.19).
EUR/USD pressure to the downside is mounting
The pair is on its way to test Monday’s lows at 1.3480 with the US docket on the horizon, leaving the door open for further pullbacks should the data exceed expectations. Disappointing IFO numbers plus the dovish tone from ECB’s Draghi and mixed PMIs on Monday continue to weigh on the EUR. Emmanuel Ng, Strategist at OCBC Bank, suggested, “In the near term, we continue to stay constructive on the pair although an interim cap may kick in around the 1.3515 area if 1.3500 is tested. Downside support is expected towards 1.3450”.
EUR/USD key levels
At the moment the pair is losing 0.03% at 1.3489 and a breakdown of 1.3453 (high Aug.20) would target 1.3399 (high Aug.28) en route to 1.3385 (high sep.16). On the other hand, the initial hurdle aligns at 1.3525 (hourly cloud top) followed by 1.3555 (high Sep.23) and finally 1.3569 (high Sep.19).