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22 Nov 2013
EUR/USD advances to highs near 1.3560
FXstreet.com (Edinburgh) - The buying interest surrounding the shared currency remains intact at the end of the week, with buyers pushing the EUR/USD to fresh weekly highs near 1.3560.
EUR/USD buoyed by data, risk
The pair continues to recover from weekly troughs to the vicinity of 1.3400 post-ECB rumours on Wednesday, bolstered by increasing risk appetite and decent data from the euro area and Germany. In the opinion of Camilla Sutton, Chief Strategist at Scotiabank, the short-term technical studies on the pair remains bearish, adding, “all studies are clinging to sell signals but most are flirting with a shift to neutral We are EURUSD bears, but with technicals lacking conviction, believe there is better risk-reward elsewhere. Support at resistance levels let at Wednesday’s open and close of 1.3538 and 1.3415, respectively”.
EUR/USD levels to watch
The pair is now up 0.57% at 1.3546 with the next resistance at 1.3584 (high Nov.20) and finally 1.3589 (high Nov.1). On the flip side, a breakdown of 1.3460 (MA10d) would open the door to 1.3399 (low Nov.21) and then 1.3393 (daily cloud base).
EUR/USD buoyed by data, risk
The pair continues to recover from weekly troughs to the vicinity of 1.3400 post-ECB rumours on Wednesday, bolstered by increasing risk appetite and decent data from the euro area and Germany. In the opinion of Camilla Sutton, Chief Strategist at Scotiabank, the short-term technical studies on the pair remains bearish, adding, “all studies are clinging to sell signals but most are flirting with a shift to neutral We are EURUSD bears, but with technicals lacking conviction, believe there is better risk-reward elsewhere. Support at resistance levels let at Wednesday’s open and close of 1.3538 and 1.3415, respectively”.
EUR/USD levels to watch
The pair is now up 0.57% at 1.3546 with the next resistance at 1.3584 (high Nov.20) and finally 1.3589 (high Nov.1). On the flip side, a breakdown of 1.3460 (MA10d) would open the door to 1.3399 (low Nov.21) and then 1.3393 (daily cloud base).