14 Oct 2013
EUR/USD keeps highs around 1.3570
FXstreet.com (Edinburgh) -The shared currency is trading on a firmer footing at the beginning of the week, lifting the EUR/USD to the vicinity of 1.3570.
EUR/USD boosted by risk appetite
The risk-on trade seems to be reining in the markets early on Monday, pushing the pair from the area of 1.3540 to test intraday tops near 1.3570. Higher-than-expected consumer prices from the Chinese economy are helping sentiment while traders continue to shrug-off the poor trade balance result over the weekend. The US fiscal stand-off remains the main concern amongst investors while politicians extends its negotiation in light of the debt-ceiling deadline later on this week. Ahead in the day, EMU’s Industrial Production is due, with consensus expecting a monthly rise of 0.8% during August. Annette Beacher, Strategist at TD Securities, commented, “Today we also have the first day of the Eurogroup/EcoFin meetings. While they’ll likely discuss the progress in Greece and Portugal, we don’t expect any concrete decisions to be made until after Germany’s coalition government is finally in place”.
EUR/USD key levels
At the moment the pair is up 0.17% at 1.3566 with the next resistance at 1.3582 (high Oct.11) followed by 1.3605 (high Oct.9) and then 1.3631 (high Oct.4). On the flip side, a breakdown of 1.3518 (low Oct.11) would open the door to 1.3488 (low Oct.10) and finally 1.3486 (low Oct.9).
EUR/USD boosted by risk appetite
The risk-on trade seems to be reining in the markets early on Monday, pushing the pair from the area of 1.3540 to test intraday tops near 1.3570. Higher-than-expected consumer prices from the Chinese economy are helping sentiment while traders continue to shrug-off the poor trade balance result over the weekend. The US fiscal stand-off remains the main concern amongst investors while politicians extends its negotiation in light of the debt-ceiling deadline later on this week. Ahead in the day, EMU’s Industrial Production is due, with consensus expecting a monthly rise of 0.8% during August. Annette Beacher, Strategist at TD Securities, commented, “Today we also have the first day of the Eurogroup/EcoFin meetings. While they’ll likely discuss the progress in Greece and Portugal, we don’t expect any concrete decisions to be made until after Germany’s coalition government is finally in place”.
EUR/USD key levels
At the moment the pair is up 0.17% at 1.3566 with the next resistance at 1.3582 (high Oct.11) followed by 1.3605 (high Oct.9) and then 1.3631 (high Oct.4). On the flip side, a breakdown of 1.3518 (low Oct.11) would open the door to 1.3488 (low Oct.10) and finally 1.3486 (low Oct.9).