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12 Sep 2013
EUR/USD makes it to 2nd Fibonacci resistance at 1.3319 – now what?
FXstreet.com (Barcelona) - The EUR/USD has given the previously hurting bulls a chance to recover. ECB Monthly Report and industrial production should drive the action early Thursday.
Thursday’s trading action may finally be driven by data
EUR/USD traders will get the ECB’s Monthly (economic and business conditions) Report as well as Industrial Production for the EuroZone early Thursday. Those news items had better meet or exceed expectations or we could see a sharp reversal in the recent positive trend for the EUR/USD.
Later on Thursday, weekly jobless claims and import/export prices will be released in the U.S. – which along with ongoing Syria chatter will determine the relative strength of the US Dollar.
Technical outlook for EUR/USD
Tim Thielen, CMT, author of The Sea Change Report, in his most recent report, remains macro bearish on the EUR/USD with targets down at the 1.24 – 1.25 range. Thielen says there will be stops on the way down to the targets – the first of which will be just below1.3100. The key resistance resistance, he notes, is 1.3319 – which is just above current levels. If a close above that level occurs, a test of therecent high at 1.3451 becomes a greater possibility.
Thursday’s trading action may finally be driven by data
EUR/USD traders will get the ECB’s Monthly (economic and business conditions) Report as well as Industrial Production for the EuroZone early Thursday. Those news items had better meet or exceed expectations or we could see a sharp reversal in the recent positive trend for the EUR/USD.
Later on Thursday, weekly jobless claims and import/export prices will be released in the U.S. – which along with ongoing Syria chatter will determine the relative strength of the US Dollar.
Technical outlook for EUR/USD
Tim Thielen, CMT, author of The Sea Change Report, in his most recent report, remains macro bearish on the EUR/USD with targets down at the 1.24 – 1.25 range. Thielen says there will be stops on the way down to the targets – the first of which will be just below1.3100. The key resistance resistance, he notes, is 1.3319 – which is just above current levels. If a close above that level occurs, a test of therecent high at 1.3451 becomes a greater possibility.