15 Oct 2013
EUR/USD consolidating around 1.3570
FXstreet.com (Edinburgh) -The shared currency is extending its congestion pattern on Tuesday, with the EUR/USD meandering around 1.3560/70 ahead of the ZEW Survey.
EUR/USD focus on ZEW, US events
The consolidation pattern has been prevailing since mid September, as the lack of catalysts and mainly the still unclear situation from the US fiscal front keep market participants somehow cautious. It is worth noting that the ‘Jack Lew’s’ deadline is almost upon us, on Thursday 17th. Ahead in the day, the German ZEW Survey will be the most relevant release, with market consensus expecting improvements in all of its components. A Spanish auction of 6m and 12m Letras will follow, looking to extend the recent decline in yields. Across the pond, the regional manufacturing gauge by the Empire State index will be in the limelight, expected at 7.0 for the month of October.
EUR/USD key levels
At the moment the pair is up 0.05% at 1.3568 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 focus on ZEW, US events
The consolidation pattern has been prevailing since mid September, as the lack of catalysts and mainly the still unclear situation from the US fiscal front keep market participants somehow cautious. It is worth noting that the ‘Jack Lew’s’ deadline is almost upon us, on Thursday 17th. Ahead in the day, the German ZEW Survey will be the most relevant release, with market consensus expecting improvements in all of its components. A Spanish auction of 6m and 12m Letras will follow, looking to extend the recent decline in yields. Across the pond, the regional manufacturing gauge by the Empire State index will be in the limelight, expected at 7.0 for the month of October.
EUR/USD key levels
At the moment the pair is up 0.05% at 1.3568 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).