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22 Nov 2013
EUR/USD closing the week with gains
FXstreet.com (Edinburgh) - The shared currency is inching higher at the end of the trading week, pushing the EUR/USD back to session lows around 1.3550/60.
EUR/USD extends the rebound from sub-1.33
After the dips to 1.3293 post-ECB rate cut, the pair managed to gather steam and close two consecutive weeks with gains. It currently navigates around halfway the deep pullback from ytd peaks beyond 1.3830, around 1.3560. According to analysts at BBH, “The ECB is clearly concerned about the direction of monetary conditions in the region… However, there are less effective measures that need to be exploited first before a dramatic step like an unprecedented (for a major central bank) negative deposit rate or a legally questionable quantitative easing”.
EUR/USD levels to watch
The pair is now up 0.57% at 1.3546 with the next resistance at 1.3584 (high Nov.20) and finally 1.3589 (high Nov.1). On the flip side, a breakdown of 1.3460 (MA10d) would open the door to 1.3399 (low Nov.21) and then 1.3393 (daily cloud base).
EUR/USD extends the rebound from sub-1.33
After the dips to 1.3293 post-ECB rate cut, the pair managed to gather steam and close two consecutive weeks with gains. It currently navigates around halfway the deep pullback from ytd peaks beyond 1.3830, around 1.3560. According to analysts at BBH, “The ECB is clearly concerned about the direction of monetary conditions in the region… However, there are less effective measures that need to be exploited first before a dramatic step like an unprecedented (for a major central bank) negative deposit rate or a legally questionable quantitative easing”.
EUR/USD levels to watch
The pair is now up 0.57% at 1.3546 with the next resistance at 1.3584 (high Nov.20) and finally 1.3589 (high Nov.1). On the flip side, a breakdown of 1.3460 (MA10d) would open the door to 1.3399 (low Nov.21) and then 1.3393 (daily cloud base).