29 Oct 2013
Expect more range bound behavior from the pair given the caution ahead of the FOMC and an inherent suspicion of official EZ discomfort with the EUR’s recent gains. As noted previously, upside progre
FXstreet.com (Edinburgh) -The single currency is posting marginal losses on Tuesday, taking the EUR/USD to the area of 1.3770/80 and extending the recent consolidation pattern.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted “Support is found at 1.3646, the 3rd October high. This guards the more important 1.3472 16th October low and the 1.3405 base of the 3 month up channel. Minor support lies at 1.3748, 1.3695”.
In addition, Strategist Emmanuel Ng at OCBC Bank, observed “Expect more range bound behavior from the pair given the caution ahead of the FOMC and an inherent suspicion of official EZ discomfort with the EUR’s recent gains. As noted previously, upside progress may be somewhat guarded with chatter of a technical fatigue and expect resistance towards 1.3835 and then 1.3850 while 1.3770 may provide initial support”.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted “Support is found at 1.3646, the 3rd October high. This guards the more important 1.3472 16th October low and the 1.3405 base of the 3 month up channel. Minor support lies at 1.3748, 1.3695”.
In addition, Strategist Emmanuel Ng at OCBC Bank, observed “Expect more range bound behavior from the pair given the caution ahead of the FOMC and an inherent suspicion of official EZ discomfort with the EUR’s recent gains. As noted previously, upside progress may be somewhat guarded with chatter of a technical fatigue and expect resistance towards 1.3835 and then 1.3850 while 1.3770 may provide initial support”.