11 Oct 2013
EUR/USD grinding sideways after rally; now sporting descending triangle with 1.3527 resistance
FXstreet.com (Barcelona) - The EUR/USD rallied as one would expect given the global “risk-on” sentiment Thursday. DXY strength resulting from the possible progress in Washington tempered the cross’s upside a bit.
EUR/USD rises despite the relief rally in DXY – euro inflows win the battle Thursday
The EUR/USD cross rallied right along with other “risk” crosses Thursday – reflecting global traders’ frantic quest to add risk exposure as efficiently as possible.
Friday, traders will have more data to digest – including inflation data from Germany, Spain and Italy; the US PPI; US retail sales; US University of Michigan Consumer Sentiment; and, US Business Inventories.
Technical outlook for EUR/USD
Technicians say the EUR/USD is acting as it theoretically should after successfully re-testing support at 1.3488. They note the presence of a descending triangle on the 10-minute chart with resistance at 1.3527 and support at 1.3517. Longer-term, they expect the EUR/USD to continue up to 1.3645 and points higher.
EUR/USD rises despite the relief rally in DXY – euro inflows win the battle Thursday
The EUR/USD cross rallied right along with other “risk” crosses Thursday – reflecting global traders’ frantic quest to add risk exposure as efficiently as possible.
Friday, traders will have more data to digest – including inflation data from Germany, Spain and Italy; the US PPI; US retail sales; US University of Michigan Consumer Sentiment; and, US Business Inventories.
Technical outlook for EUR/USD
Technicians say the EUR/USD is acting as it theoretically should after successfully re-testing support at 1.3488. They note the presence of a descending triangle on the 10-minute chart with resistance at 1.3527 and support at 1.3517. Longer-term, they expect the EUR/USD to continue up to 1.3645 and points higher.