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20 Sep 2013
EUR/USD flat around 1.3530
FXstreet.com (Edinburgh) -The shared currency is extending the very narrow range on Friday, with the EUR/USD meandering around 1.3530/40.
EUR/USD would remain range-bound
The pair keeps the upper band of the post-FOMC spike, sidelining around 1.3530/35 ahead of the opening bell in London. Data wise, the calendar is almost empty in the euro area, with only Italian figures from the industrial sector due. Later on, EMU’s Consumer Confidence will be in the limelight, with consensus pointing to an improvement to -14.5 for the present month, up from -16.0. Analysts at BTMU commented, “Further easing from the ECB may be required before year end to prevent EUR/USD from breaking above the previous annual high of 1.3710 recorded in early February. The ECB’s commitment to maintain low or lower rates for an extended period will likely need to be backed up by action”.
EUR/USD critical levels
The pair is now up 0.04% at 1.3536 with the next resistance at 1.3598 (high Feb.5) ahead of 1.3660 (high Feb.4) and then 1.3711 (2013 high Feb.1). On the flip side, a breakdown of 1.3501 (low Sep.19) would open the door to 1.3453 (high Aug.20) and finally 1.3399 (high Aug.28).
EUR/USD would remain range-bound
The pair keeps the upper band of the post-FOMC spike, sidelining around 1.3530/35 ahead of the opening bell in London. Data wise, the calendar is almost empty in the euro area, with only Italian figures from the industrial sector due. Later on, EMU’s Consumer Confidence will be in the limelight, with consensus pointing to an improvement to -14.5 for the present month, up from -16.0. Analysts at BTMU commented, “Further easing from the ECB may be required before year end to prevent EUR/USD from breaking above the previous annual high of 1.3710 recorded in early February. The ECB’s commitment to maintain low or lower rates for an extended period will likely need to be backed up by action”.
EUR/USD critical levels
The pair is now up 0.04% at 1.3536 with the next resistance at 1.3598 (high Feb.5) ahead of 1.3660 (high Feb.4) and then 1.3711 (2013 high Feb.1). On the flip side, a breakdown of 1.3501 (low Sep.19) would open the door to 1.3453 (high Aug.20) and finally 1.3399 (high Aug.28).