12 Nov 2013
EUR/USD starting to roll back over after Monday drift to the upside; downside target 1.3122
FXstreet.com (Barcelona) - The EUR/USD still looks very ugly technically, but Tuesday’s data could still offer the bulls some hope.
EUR/USD traders to get a new batch of data to digest Tuesday
The recent ugliness in the EUR/USD has a momentum of its own right now. In this type of trading environment, such momentum typically will continue – with some minor pauses – until an event or preponderance of fundamental / technical evidence forces the momentum to change. It typically does not change without any factors – technical or fundamental – influencing it.
Tuesday, EUR/USD traders will have Germany’s monthly inflation data and the Chicago Fed National Activity Index data out of the US off of which they can trade.
Technical outlook for EURUSD
Technicians say the chart of the EUR/USD is broken technically and now has a minimum downside target of 1.3122 – which is longer-term correction support and horizontal line support in one. Below that level come the Fibonacci projections at 1.2973 and 1.2881. Resistance for the cross comes in at 1.3475 – the underbelly of the recently broken uptrend line. That level is backed up by the 11/6 high of 1.3547.
EUR/USD traders to get a new batch of data to digest Tuesday
The recent ugliness in the EUR/USD has a momentum of its own right now. In this type of trading environment, such momentum typically will continue – with some minor pauses – until an event or preponderance of fundamental / technical evidence forces the momentum to change. It typically does not change without any factors – technical or fundamental – influencing it.
Tuesday, EUR/USD traders will have Germany’s monthly inflation data and the Chicago Fed National Activity Index data out of the US off of which they can trade.
Technical outlook for EURUSD
Technicians say the chart of the EUR/USD is broken technically and now has a minimum downside target of 1.3122 – which is longer-term correction support and horizontal line support in one. Below that level come the Fibonacci projections at 1.2973 and 1.2881. Resistance for the cross comes in at 1.3475 – the underbelly of the recently broken uptrend line. That level is backed up by the 11/6 high of 1.3547.