4 Dec 2013
EUR/USD apathetic around 1.3600
FXstreet.com (Edinburgh) - The Fed’s Beige Book is proving to be a non-event once again, with the EUR/USD trading below the 1.3600 handle so far.
EUR/USD muted on Beige Book
The pair now keeps the upper band of today’s range around 1.3590/1.3600 after the Beige Book informed that the economy expanded at a moderate to modest pace and hiring remained unchanged or increased. Moving forward to tomorrow’s docket in the 17-nation region, the ECB gathering grabs all the attention while the preliminary figures of the Q3 GDP and the weekly report on the labour market will also be in the limelight across the pond. “Although the intraday bias is bullish above 1.3560 support I favour a break through that zone to unleash a sell-off towards 1.3490, en route to 1.3398. Crucial on the upside is 1.3621 high”, suggested Stoyan Mihaylov, Strategist at DeltaStock.com.
EUR/USD levels to consider
The pair is now up 0.03% at 1.3593 and a breakout of 1.3597 (high Dec.4) would open the door to 1.3614 (high Dec.3) and finally 1.3616 (high Dec.2). On the downside, the immediate support aligns at 1.3525 (low Dec.2) ahead of 1.3515 (low Nov.26) and then 1.3508 (MA10d).
EUR/USD muted on Beige Book
The pair now keeps the upper band of today’s range around 1.3590/1.3600 after the Beige Book informed that the economy expanded at a moderate to modest pace and hiring remained unchanged or increased. Moving forward to tomorrow’s docket in the 17-nation region, the ECB gathering grabs all the attention while the preliminary figures of the Q3 GDP and the weekly report on the labour market will also be in the limelight across the pond. “Although the intraday bias is bullish above 1.3560 support I favour a break through that zone to unleash a sell-off towards 1.3490, en route to 1.3398. Crucial on the upside is 1.3621 high”, suggested Stoyan Mihaylov, Strategist at DeltaStock.com.
EUR/USD levels to consider
The pair is now up 0.03% at 1.3593 and a breakout of 1.3597 (high Dec.4) would open the door to 1.3614 (high Dec.3) and finally 1.3616 (high Dec.2). On the downside, the immediate support aligns at 1.3525 (low Dec.2) ahead of 1.3515 (low Nov.26) and then 1.3508 (MA10d).