4 Sep 2013
EUR/USD holding steady above 1.3200
FXstreet.com (Edinburgh) -The EUR/USD continues to consolidate today’s advance above 1.3200 the figure, as the Fed’s Beige Book proved to be a non-event.
EUR/USD indifferent to the Beige Book
According to the Fed’s Beige Book, the US economy grew at a ‘modest to moderate’ pace with housing and automobile sales leading the way, price pressures remained subdued and hiring was steady or slightly up. In the opinion of Camilla Sutton, Chief Strategy at Scotiabank, the pair’s technical studies remain bearish, adding “yesterday spot reached a fresh one month low, however was unable to sustain downside momentum below the 100-day MA at 1.3137. Today appears to be a day of rest; however all studies remain in sell territory and we are biased to stay short”.
EUR/USD support/resistance levels
As of writing the pair is gaining 0.33% at 1.3214 and a surpass of 1.3219 (low Aug.29) would target 1.3237 (high Sep.2) en route to 1.3255 (high Aug.30). On the flip side, the initial support aligns at 1.3157 (low Sep.4) followed by 1.3145 (MA200d) and finally 1.3138 (low Sep.3).
EUR/USD indifferent to the Beige Book
According to the Fed’s Beige Book, the US economy grew at a ‘modest to moderate’ pace with housing and automobile sales leading the way, price pressures remained subdued and hiring was steady or slightly up. In the opinion of Camilla Sutton, Chief Strategy at Scotiabank, the pair’s technical studies remain bearish, adding “yesterday spot reached a fresh one month low, however was unable to sustain downside momentum below the 100-day MA at 1.3137. Today appears to be a day of rest; however all studies remain in sell territory and we are biased to stay short”.
EUR/USD support/resistance levels
As of writing the pair is gaining 0.33% at 1.3214 and a surpass of 1.3219 (low Aug.29) would target 1.3237 (high Sep.2) en route to 1.3255 (high Aug.30). On the flip side, the initial support aligns at 1.3157 (low Sep.4) followed by 1.3145 (MA200d) and finally 1.3138 (low Sep.3).