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19 Sep 2013
EUR/USD sitting in new range
FXstreet.com (London) - EUR/USD gave back some gains while Existing Home Sales in the US improved as did the Philly Fed Manufacturing Survey.
Research Teams at TD Securities said, “The pervasive ‘risk-positive’ reaction to the Fed continues to benefit equities, commodities, and most currencies against the USD, and considering the significant reset that the Fed action (or inaction) represents, these moves are not likely to be temporary. For EUR/USD that means this new trading range is likely here to stay for the time being and the bigger risk now appears to be for an extension higher. In the near term, 1.3500 is the nearest support to watch, while 1.3600/50 are the key topside levels. All that said, the German elections this weekend could still make for a bumpy ride for the EUR in the coming days.
EUR/USD unlikely to reach 1.3711
Karen Jones, chief analyst at Commezbank said EUR/USD has cleared the 1.3453 August high and the 1.3520 February high together with the 78.6% retracement of the sell off seen this year. “But is unlikely to reach the 1.3711 January high. The market remains bid above the 1.3373 accelerated uptrend and the risk has increased that we will see an attempt made on the 1.3711 February high”.
Research Teams at TD Securities said, “The pervasive ‘risk-positive’ reaction to the Fed continues to benefit equities, commodities, and most currencies against the USD, and considering the significant reset that the Fed action (or inaction) represents, these moves are not likely to be temporary. For EUR/USD that means this new trading range is likely here to stay for the time being and the bigger risk now appears to be for an extension higher. In the near term, 1.3500 is the nearest support to watch, while 1.3600/50 are the key topside levels. All that said, the German elections this weekend could still make for a bumpy ride for the EUR in the coming days.
EUR/USD unlikely to reach 1.3711
Karen Jones, chief analyst at Commezbank said EUR/USD has cleared the 1.3453 August high and the 1.3520 February high together with the 78.6% retracement of the sell off seen this year. “But is unlikely to reach the 1.3711 January high. The market remains bid above the 1.3373 accelerated uptrend and the risk has increased that we will see an attempt made on the 1.3711 February high”.