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21 Oct 2013
EUR/USD opens week in the red as part of consolidation; upside eventually 1.3750?
FXstreet.com (Barcelona) - The overbought condition of the EUR/USD entering this week warranted at least a period of digestion before more upside should occur. It looks like that is just what is happening.
EUR/USD traders ready themselves for backlog of US data to be unleashed this week
Now that the US government is re-opened, global traders will get the full menu of US data points and not just those released from non-governmental entities. That additional flow of data will be seen this week with the Tuesday release of the key September employment situation report. Here’s the rest of the data calendar for EUR/USD traders this week:
• Monday – US Conference Board Leading Indicators; US Existing Home Sales
• Tuesday – US September Employment Report;
• Wednesday – German 10-Year Bund Auction; EU Consumer Confidence; US Monthly Mortgage Apps; US Export Price Index; US Housing Price Index;
• Thursday – EU Council Meeting; RBA Governor Lowe speech; German PMI data; EU PMI data; US Weekly Jobless Claims; US Manufacturing PMI; US New Home Sales
• Friday – EU Council Meeting; German Expectations; Current Assessment; US Durable Goods; and, the US
University of Michigan Consumer Sentiment Survey
Technical outlook for EUR/USD
Technicians say the EUR/USD made a third wave peak at 1.3703 Friday and has been in consolidation mode since. Above 1.3703, the next projected target is 1.3750 – 1.3760. Support for the cross comes in at 1.3649 – the 23.6% Fibonacci retrace of the explosive move from last Thursday. Below that level, technicians say the next support is the 38.2% retracement at 1.3615.
EUR/USD traders ready themselves for backlog of US data to be unleashed this week
Now that the US government is re-opened, global traders will get the full menu of US data points and not just those released from non-governmental entities. That additional flow of data will be seen this week with the Tuesday release of the key September employment situation report. Here’s the rest of the data calendar for EUR/USD traders this week:
• Monday – US Conference Board Leading Indicators; US Existing Home Sales
• Tuesday – US September Employment Report;
• Wednesday – German 10-Year Bund Auction; EU Consumer Confidence; US Monthly Mortgage Apps; US Export Price Index; US Housing Price Index;
• Thursday – EU Council Meeting; RBA Governor Lowe speech; German PMI data; EU PMI data; US Weekly Jobless Claims; US Manufacturing PMI; US New Home Sales
• Friday – EU Council Meeting; German Expectations; Current Assessment; US Durable Goods; and, the US
University of Michigan Consumer Sentiment Survey
Technical outlook for EUR/USD
Technicians say the EUR/USD made a third wave peak at 1.3703 Friday and has been in consolidation mode since. Above 1.3703, the next projected target is 1.3750 – 1.3760. Support for the cross comes in at 1.3649 – the 23.6% Fibonacci retrace of the explosive move from last Thursday. Below that level, technicians say the next support is the 38.2% retracement at 1.3615.