Back
20 Sep 2013
EUR/USD eyes Germany around 1.3530
FXstreet.com (Edinburgh) -The euro is now marginally lower towards the end of the US session on Friday, taking the EUR/USD to the 1.3525/20 region.
EUR/USD focus on German elections
The next big risk event for the single currency would be the German elections due on Sunday. According to prior surveys, Chancellor Merkel’s coalition would face solid resistance to get the majority, while focus will also be on the performance of anti-euro party AfD. Moving forwards to Monday’s docket in the euro area, the advanced gauges of manufacturing/services PMI are due ahead of a speech by ECB’s Mario Draghi. In the opinion of Camilla Sutton, Chief Strategist at Scotiabank, the short-term stance on the pair is bullish, adding, “all studies are in buy territory and there are no warning signs. Resistance lies at 1.3595 followed by the year-to-date high of 1.3711”.
EUR/USD critical levels
The pair is now losing 0.02% at 1.3526 and a breakdown of 1.3501 (low Sep.19) would open the door to 1.3453 (high Aug.20) and finally 1.3399 (high Aug.28). On the upside, the initial resistance aligns at 1.3569 (high Sep.19) followed by 1.3598 (high Feb.5) and finally 1.3660 (high Feb.4).
EUR/USD focus on German elections
The next big risk event for the single currency would be the German elections due on Sunday. According to prior surveys, Chancellor Merkel’s coalition would face solid resistance to get the majority, while focus will also be on the performance of anti-euro party AfD. Moving forwards to Monday’s docket in the euro area, the advanced gauges of manufacturing/services PMI are due ahead of a speech by ECB’s Mario Draghi. In the opinion of Camilla Sutton, Chief Strategist at Scotiabank, the short-term stance on the pair is bullish, adding, “all studies are in buy territory and there are no warning signs. Resistance lies at 1.3595 followed by the year-to-date high of 1.3711”.
EUR/USD critical levels
The pair is now losing 0.02% at 1.3526 and a breakdown of 1.3501 (low Sep.19) would open the door to 1.3453 (high Aug.20) and finally 1.3399 (high Aug.28). On the upside, the initial resistance aligns at 1.3569 (high Sep.19) followed by 1.3598 (high Feb.5) and finally 1.3660 (high Feb.4).