Back
12 Aug 2013
Was Thursday’s high at 1.3399 a meaningful peak for EURUSD?
FXstreet.com (Barcelona) - The EUR/USD enters the new week in danger of picking up steam to the downside unless it can conquer 1.3414 – and soon. Data, not bankers, will likely drive the action this week.
No central bankers, but plenty of data for traders to digest this week
Although there is little data of importance Monday, the rest of the week has plenty of data that will drive the directional movements in the EUR/USD:
• Tuesday 8/13: German CPI; EuroZone Industrial Production; German Current Situation / Economic Sentiment; US Retail Sales
• Wednesday 8/14 – German GDP; EuroZone CPI; EuroZone GDP; US Producer Price Index
• Thursday 8/15 – US CPI; US Weekly Jobless Claims; US TIC Flows; US Industrial Production / Capacity Utilization; US Philadelphia Fed Manufacturing Survey
• Friday 8/16 – US Building Permits & Housing Starts; US University of Michigan Consumer Sentiment
So, unless we get some surprise appearances by Ben Bernanke or Mario Draghi , traders will need to focus on this data flow to help guide their decisions.
Technical outlook for EUR/USD
The EUR/USD topped out Thursday at 1.3399 – just shy of the 1.3414 resistance level that leading technicians have pointed to as critical resistance recently. The candle the EUR/USD put in on the charts Friday was not a “key reversal” candle like a bearish engulfing or island reversal, the EUR/USD cross did close below the mid-point of Thursday’s trading range. If we see some follow through to the downside early this week, technicians may get busy with their calls f a top being made last week. Above the 1.3414 level, the next level of projected resistance will be 1.3569. Short-term support comes in at the 7/31 peak at 1.3344 and is followed by the 8/5 low of 1.3232.
No central bankers, but plenty of data for traders to digest this week
Although there is little data of importance Monday, the rest of the week has plenty of data that will drive the directional movements in the EUR/USD:
• Tuesday 8/13: German CPI; EuroZone Industrial Production; German Current Situation / Economic Sentiment; US Retail Sales
• Wednesday 8/14 – German GDP; EuroZone CPI; EuroZone GDP; US Producer Price Index
• Thursday 8/15 – US CPI; US Weekly Jobless Claims; US TIC Flows; US Industrial Production / Capacity Utilization; US Philadelphia Fed Manufacturing Survey
• Friday 8/16 – US Building Permits & Housing Starts; US University of Michigan Consumer Sentiment
So, unless we get some surprise appearances by Ben Bernanke or Mario Draghi , traders will need to focus on this data flow to help guide their decisions.
Technical outlook for EUR/USD
The EUR/USD topped out Thursday at 1.3399 – just shy of the 1.3414 resistance level that leading technicians have pointed to as critical resistance recently. The candle the EUR/USD put in on the charts Friday was not a “key reversal” candle like a bearish engulfing or island reversal, the EUR/USD cross did close below the mid-point of Thursday’s trading range. If we see some follow through to the downside early this week, technicians may get busy with their calls f a top being made last week. Above the 1.3414 level, the next level of projected resistance will be 1.3569. Short-term support comes in at the 7/31 peak at 1.3344 and is followed by the 8/5 low of 1.3232.