6 Nov 2013
EUR/USD sharply higher the past couple of hours; over 1.3500 handle
FXstreet.com (Athens) – The EUR/USD is trading over 1.3500 area, having gained roughly 20 pips the past couple of hours without any key fundamendal reason.
Risk on appetite strikes back in Asia; EUR/USD spikes higher to 1.3516
The EUR/USD gained solid uptrend momentum the last hours in Asia – alongside – with the risk appetite that strikes back in Asia, as the Nikkei index turned from a negative territory to a positive one with solid gains as of +1%. What’s more, besides the risk-on sentiment that by far boosted the demand for the single currency, thus, driving the cross higher, there were a lot of stops hit in the eur/jpy, that might as well assisted to the strengthening of the common currency to overcome the 1.3500 barrier. Ahead of, we will witness the October Euro zone PMIs but also German Sep factory orders and Euro zone Sep retail sales. In the opposite side, the US data calendar is fairly quiet.
Technical Aspects on the EUR/USD
On the upper side, the EUR/USD as long as it is above the 1.3442 area (50% of the Fibonacci retracement as of 1.3105-1.3826 zone, November daily low), it could be considered that I could move further upwards. In order to do that, it might also have to have also a clear close above the 4th as of November daily high (1.3525). On the downside, a decent break of the 1.3421 as of the 38.2% Fibonacci area (of the uprise trend as of 1.2755-1.3833 zone, from July to August), would probably lead the cross to further downside pressures.
Risk on appetite strikes back in Asia; EUR/USD spikes higher to 1.3516
The EUR/USD gained solid uptrend momentum the last hours in Asia – alongside – with the risk appetite that strikes back in Asia, as the Nikkei index turned from a negative territory to a positive one with solid gains as of +1%. What’s more, besides the risk-on sentiment that by far boosted the demand for the single currency, thus, driving the cross higher, there were a lot of stops hit in the eur/jpy, that might as well assisted to the strengthening of the common currency to overcome the 1.3500 barrier. Ahead of, we will witness the October Euro zone PMIs but also German Sep factory orders and Euro zone Sep retail sales. In the opposite side, the US data calendar is fairly quiet.
Technical Aspects on the EUR/USD
On the upper side, the EUR/USD as long as it is above the 1.3442 area (50% of the Fibonacci retracement as of 1.3105-1.3826 zone, November daily low), it could be considered that I could move further upwards. In order to do that, it might also have to have also a clear close above the 4th as of November daily high (1.3525). On the downside, a decent break of the 1.3421 as of the 38.2% Fibonacci area (of the uprise trend as of 1.2755-1.3833 zone, from July to August), would probably lead the cross to further downside pressures.