27 Sep 2013
EUR/USD bulls need the 1.3461 to hold to keep their mojo
FXstreet.com (Barcelona) - The EUR/USD tumbled hard on concerns about Italy on Thursday but is posting a decent bounce early Friday. For the cross to maintain its bullish posture, the 1.3461 level will need to hold up as support.
Big flow of European and US data will drive Friday’s trading in EUR/USD
Friday, traders will get to trade around German inflation data and EuroZone sentiment, confidence and business climate data early in the session. Later Friday the US data flow will include personal income, consumption and spending data, the University of Michigan Consumer Confidence Survey as well as multiple “Fed Head” speeches. Most, if not all, of the data points listed have the potential to moe the needle for EUR/USD.
Technical outlook for EUR/USD
Technicians say the EUR/USD remains bullish as long as Wednesday and Thursday’s low of 1.3461 holds up as support. A breakdown below that level will lead to a test of one or more of the next 3 levels – 1.3430, 1.3390 or 1.3366. If 1.3461 holds up, though, another thrust higher is possible that could take EUR/USD to new highs.
Big flow of European and US data will drive Friday’s trading in EUR/USD
Friday, traders will get to trade around German inflation data and EuroZone sentiment, confidence and business climate data early in the session. Later Friday the US data flow will include personal income, consumption and spending data, the University of Michigan Consumer Confidence Survey as well as multiple “Fed Head” speeches. Most, if not all, of the data points listed have the potential to moe the needle for EUR/USD.
Technical outlook for EUR/USD
Technicians say the EUR/USD remains bullish as long as Wednesday and Thursday’s low of 1.3461 holds up as support. A breakdown below that level will lead to a test of one or more of the next 3 levels – 1.3430, 1.3390 or 1.3366. If 1.3461 holds up, though, another thrust higher is possible that could take EUR/USD to new highs.