23 Oct 2013
EUR/USD stalled around 1.3790
FXstreet.com (Edinburgh) -The EUR/USD is now easing some ground after the recent bullish attempt just beyond 1.3790 on Wednesday, retreating to 1.3780/75.
EUR/USD buoyed up by data
After bottoming out near 1.3740, the pair managed to pick up pace and is now trading in the boundaries of the positive territory. The upbeat result from the consumer Confidence in the euro area for the month of October gave some extra support to the euro as well, although the intent run out of legs in the proximity of 1.3790. Stoyan Mihaylov, Analyst at DeltaStock.com, argued “The uptrend has been renewed after 1.3648 low and the pair is currently consolidating below 1.3792 high, gathering momentum for the next leg upwards, to 1.3865. Key support is projected at 1.3710 and crucial on the downside is 1.3648”.
EUR/USD key levels
At the moment the pair is losing 0.03% at 1.3775 and a breakdown of 1.3741 (low Oct.23) would aim for 1.3711 (high Feb.1) and finally 1.3662 (low Oct.22). On the upside, the initial resistance aligns at 1.3793 (2013 high Oct.22) followed by 1.3800 (psychological level) and then 1.3815 (high Nov.14 2011).
EUR/USD buoyed up by data
After bottoming out near 1.3740, the pair managed to pick up pace and is now trading in the boundaries of the positive territory. The upbeat result from the consumer Confidence in the euro area for the month of October gave some extra support to the euro as well, although the intent run out of legs in the proximity of 1.3790. Stoyan Mihaylov, Analyst at DeltaStock.com, argued “The uptrend has been renewed after 1.3648 low and the pair is currently consolidating below 1.3792 high, gathering momentum for the next leg upwards, to 1.3865. Key support is projected at 1.3710 and crucial on the downside is 1.3648”.
EUR/USD key levels
At the moment the pair is losing 0.03% at 1.3775 and a breakdown of 1.3741 (low Oct.23) would aim for 1.3711 (high Feb.1) and finally 1.3662 (low Oct.22). On the upside, the initial resistance aligns at 1.3793 (2013 high Oct.22) followed by 1.3800 (psychological level) and then 1.3815 (high Nov.14 2011).