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2 Oct 2013
EUR/USD flat-lining at 1.3520
FXstreet.com (Edinburgh) -The shared currency is extending its overnight consolidation pattern before the opening bell in London on Wednesday, with the EUR/USD meandering around 1.3520.25.
EUR/USD focus on ECB
The ECB meeting is due later as the main event in Euroland, with the increasing likeliness of a dovish stance by the central bank. The pair retraced Tuesday’s spike to the boundaries of 1.3600 the figure amidst increasing uncertainty stemming from the US Government shutdown, although its effects seem to be quite mild in the FX community so far. In the opinion of Stoyan Mihaylov, Analyst at DeltaStock.com, “The uptrend has been renewed and the outlook is bullish after today's break through 1.3568, for a rise towards 1.3710. Key intraday support is projected at 1.3510, followed by the crucial 1.3470.
EUR/USD levels to watch
At the moment the pair is losing 0.01% at 1.3524 with the next support at 1.3517 (low Otc.1) followed by 1.3500 (psychological level) and then 1.3467 (low Sep.30). On the flip side, a breakout of 1.3598 (high Feb5) would open the door to 1.3660 (high Feb.4) and the 1.3711 (2013 high Feb.1).
EUR/USD focus on ECB
The ECB meeting is due later as the main event in Euroland, with the increasing likeliness of a dovish stance by the central bank. The pair retraced Tuesday’s spike to the boundaries of 1.3600 the figure amidst increasing uncertainty stemming from the US Government shutdown, although its effects seem to be quite mild in the FX community so far. In the opinion of Stoyan Mihaylov, Analyst at DeltaStock.com, “The uptrend has been renewed and the outlook is bullish after today's break through 1.3568, for a rise towards 1.3710. Key intraday support is projected at 1.3510, followed by the crucial 1.3470.
EUR/USD levels to watch
At the moment the pair is losing 0.01% at 1.3524 with the next support at 1.3517 (low Otc.1) followed by 1.3500 (psychological level) and then 1.3467 (low Sep.30). On the flip side, a breakout of 1.3598 (high Feb5) would open the door to 1.3660 (high Feb.4) and the 1.3711 (2013 high Feb.1).