24 Sep 2013
EUR/USD churning above support of 1.3476 ahead of German data
FXstreet.com (Barcelona) - The EUR/USD still holding above dual Fibonacci support at 1.3476 ahead of data from the most influential member of the EU - Germany.
European and US data to drive the action Tuesday - hopefully
The EUR/USD traders are waiting on the potentially market-moving German Business Climate, Current Assessment and Expectations due out at 08:00 GMT.
Later in the session, they will get to trade off of US home price indices (13:00 GMT), Consumer Sentiment (14:00 GMT) and multiple “Fed Head” speeches throughout the US session.
Technical outlook for EUR/USD
Technicians say the EUR/USD may have bottomed short-term at Monday’s low just above 1.3476. That level represents “correction support” and the 38.2% retrace of the /17 – 9/19 rally. Longer-term, they say the cross may end up at around 1.3620 – 1.3640 before the current upside move runs its course. They say dips to 1.3476 – if they occur – can be bought with stops in place on an horly close below that level.
European and US data to drive the action Tuesday - hopefully
The EUR/USD traders are waiting on the potentially market-moving German Business Climate, Current Assessment and Expectations due out at 08:00 GMT.
Later in the session, they will get to trade off of US home price indices (13:00 GMT), Consumer Sentiment (14:00 GMT) and multiple “Fed Head” speeches throughout the US session.
Technical outlook for EUR/USD
Technicians say the EUR/USD may have bottomed short-term at Monday’s low just above 1.3476. That level represents “correction support” and the 38.2% retrace of the /17 – 9/19 rally. Longer-term, they say the cross may end up at around 1.3620 – 1.3640 before the current upside move runs its course. They say dips to 1.3476 – if they occur – can be bought with stops in place on an horly close below that level.