23 Aug 2013
EUR/USD remains sub the high 1.3371
FXstreet.com (Barcelona) - There is little left of the calendar for EUR/USD today other than for the US data this afternoon in New Home Sales. Some analysts expect new home sales to fall by -2.8% M/M in July (mkt -2.0%), giving back some of the big 8.3% increase from the month before.
EUR/USD has been supported this morning in European markets with German GDP QoQ for Q2 that arrived at 0.7% and in line with expectations while else where, the dollar has been offered due to improvements in the UK economy again, aiding a rise in the pair. “It’s quiet on the data front today, but the Jackson Hole Summit continues today and will continue into the weekend. The key central bank figures will not be present (neither Bernanke, Draghi, nor Carney will be there) but there are still several notable attendees who’s remarks could get some attention from markets. Considering the ongoing focus on the global rise in yields lately, there is a risk that policy makers try to push back on the recent trend”, said research teams at TD Securities. They continued, “As we’ve pointed out, German-US short term yield spreads have been an important support for EUR/USD through the July/August rally. In that sense, a fairly sharp narrowing of the spread overnight should provide support for the pair today”.
EUR/USD quiet and neutral for time being
The pair is oscillating ahead of the 20 DMA. The 20 DMA is 1.3312, the 50 DMA is 1.3185 and the 200 DMA is 1.3131. RSI (14) reads 52.17 while supports are ascending from 1.3206, 1.3260, 1.3293, 1.3326, 1.3347. Spot is 1.3355 currently and resistances are 1.3371, 1.3398, 1.3414, 1.3427 and 1.3438
EUR/USD has been supported this morning in European markets with German GDP QoQ for Q2 that arrived at 0.7% and in line with expectations while else where, the dollar has been offered due to improvements in the UK economy again, aiding a rise in the pair. “It’s quiet on the data front today, but the Jackson Hole Summit continues today and will continue into the weekend. The key central bank figures will not be present (neither Bernanke, Draghi, nor Carney will be there) but there are still several notable attendees who’s remarks could get some attention from markets. Considering the ongoing focus on the global rise in yields lately, there is a risk that policy makers try to push back on the recent trend”, said research teams at TD Securities. They continued, “As we’ve pointed out, German-US short term yield spreads have been an important support for EUR/USD through the July/August rally. In that sense, a fairly sharp narrowing of the spread overnight should provide support for the pair today”.
EUR/USD quiet and neutral for time being
The pair is oscillating ahead of the 20 DMA. The 20 DMA is 1.3312, the 50 DMA is 1.3185 and the 200 DMA is 1.3131. RSI (14) reads 52.17 while supports are ascending from 1.3206, 1.3260, 1.3293, 1.3326, 1.3347. Spot is 1.3355 currently and resistances are 1.3371, 1.3398, 1.3414, 1.3427 and 1.3438