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16 Sep 2013
EUR/USD putting 1.3330 to the test
FXstreet.com (Edinburgh) -The shared currency is now losing the grip, driving the EUR/USD to challenge session lows in the vicinity of 1.3330, as we enter the last part of the US session.
EUR/USD consolidating above 1.3300
Despite climbing to multi-week highs beyond 1.3380, the pair lacked conviction to attempt an assault to the critical resistance at 1.3400, sparking the current correction lower. Moving forwards to tomorrow’s docket, EMU’s Trade Balance figures will precede the more relevant German ZEW Survey. Prior estimates expect the survey to improve in all of its components, giving further oxygen to the EUR. Across the pond, headline consumer prices are expected to rose 1.7% in a year to August while the Core CPI is expected at 1.8% YoY. The pair would remain mostly range-bound, as market participants remain focused on the FOMC gathering due on Wednesday.
EUR/USD levels to watch
As of writing the pair is up 0.34% at 1.3340 with the next hurdle at 1.3399 (high Aug.28) ahead of 1.3410 (high Aug.23) and then 1.3427 (high Aug.21). On the flip side, a breakdown of 1.3298 (low Sep.16) would open the door to 1.3254 (low Sep.13) and finally 1.3247 (MA10d).
EUR/USD consolidating above 1.3300
Despite climbing to multi-week highs beyond 1.3380, the pair lacked conviction to attempt an assault to the critical resistance at 1.3400, sparking the current correction lower. Moving forwards to tomorrow’s docket, EMU’s Trade Balance figures will precede the more relevant German ZEW Survey. Prior estimates expect the survey to improve in all of its components, giving further oxygen to the EUR. Across the pond, headline consumer prices are expected to rose 1.7% in a year to August while the Core CPI is expected at 1.8% YoY. The pair would remain mostly range-bound, as market participants remain focused on the FOMC gathering due on Wednesday.
EUR/USD levels to watch
As of writing the pair is up 0.34% at 1.3340 with the next hurdle at 1.3399 (high Aug.28) ahead of 1.3410 (high Aug.23) and then 1.3427 (high Aug.21). On the flip side, a breakdown of 1.3298 (low Sep.16) would open the door to 1.3254 (low Sep.13) and finally 1.3247 (MA10d).