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23 Sep 2013
EUR/USD toying with 1.3520
FXstreet.com (Edinburgh) -The bloc currency is extending its bounce off session lows in the boundaries of 1.3500 the figure on Monday, with the EUR/USD now navigating around 1.3520/25 ahead of US Markit PMI.
EUR/USD maintain the range
The pair kept the intraday range after the Chicago Fed National Activity index improved to 0.14 during August, leaving behind July’s contraction at -0.43 (revised lower). Next on tap in the US economy will be the manufacturing gauge of the PMI index sponsored by Markit. Prior surveys expect the index to improve to 54.0 in September, up from previous 53.1. Emmanuel Ng, Strategist at OCBC Bank, commented, “The ECB’s Draghi also makes an appearance today and further dovish rhetoric cannot be ruled out, especially in light of the Fed last week. We stay constructive on the pair in the near term with 1.3570 expected to be a near term cap, although a retracement back towards the 1.3500/10 region for base building purposes cannot be discounted”.
EUR/USD relevant levels
At the moment of writing the pair is retreating 0.05% at 1.3517 and a breakdown of 1.3498 (low Sep.20) would aim for 1.3453 (high Aug.20) and finally 1.3399 (high Aug.28). On the upside, the initial hurdle remains at 1.3569 (high Sep.19) followed by 1.3598 (high Feb,5) and then 1.3660 (high Feb.4).
EUR/USD maintain the range
The pair kept the intraday range after the Chicago Fed National Activity index improved to 0.14 during August, leaving behind July’s contraction at -0.43 (revised lower). Next on tap in the US economy will be the manufacturing gauge of the PMI index sponsored by Markit. Prior surveys expect the index to improve to 54.0 in September, up from previous 53.1. Emmanuel Ng, Strategist at OCBC Bank, commented, “The ECB’s Draghi also makes an appearance today and further dovish rhetoric cannot be ruled out, especially in light of the Fed last week. We stay constructive on the pair in the near term with 1.3570 expected to be a near term cap, although a retracement back towards the 1.3500/10 region for base building purposes cannot be discounted”.
EUR/USD relevant levels
At the moment of writing the pair is retreating 0.05% at 1.3517 and a breakdown of 1.3498 (low Sep.20) would aim for 1.3453 (high Aug.20) and finally 1.3399 (high Aug.28). On the upside, the initial hurdle remains at 1.3569 (high Sep.19) followed by 1.3598 (high Feb,5) and then 1.3660 (high Feb.4).