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21 Oct 2013
EUR/USD eases to lows around 1.3660
FXstreet.com (Edinburgh) -The selling interest is now accelerating around the bloc currency, pushing the EUR/USD to fresh session lows in the area of 1.3665/60.
EUR/USD weaker on profit taking
The recent rally in the EUR is prompting investors to cash up some gains, leaving the pair exposed to selling pressure although within a narrow range so far. The absence of a relevant euro docket would be helping to the current trend while market participants turn their focus on tomorrow’s US Payrolls. “The September US employment report published tomorrow will naturally affect sentiment but unless QE tapering expectations are moved forward again, this looks like a continued difficult period for the dollar and potentially leaves further room for the FX carry trade to recover more of its summer losses”, observed P.Nielsen, Analyst at Danske Bank.
EUR/USD levels to watch
The pair is now retreating 0.13% at 1.3667 with the immediate support at 1.3660 (low Oct.8) ahead of 1.3573 (MA10d) and then 1.3516 (low Oct.17). On the flip side, a breakout of 1.3711 (2013 high Feb.1) would open the door to the psychological level at 1.3800 and then 1.3815 (high Nov.14 2011).
EUR/USD weaker on profit taking
The recent rally in the EUR is prompting investors to cash up some gains, leaving the pair exposed to selling pressure although within a narrow range so far. The absence of a relevant euro docket would be helping to the current trend while market participants turn their focus on tomorrow’s US Payrolls. “The September US employment report published tomorrow will naturally affect sentiment but unless QE tapering expectations are moved forward again, this looks like a continued difficult period for the dollar and potentially leaves further room for the FX carry trade to recover more of its summer losses”, observed P.Nielsen, Analyst at Danske Bank.
EUR/USD levels to watch
The pair is now retreating 0.13% at 1.3667 with the immediate support at 1.3660 (low Oct.8) ahead of 1.3573 (MA10d) and then 1.3516 (low Oct.17). On the flip side, a breakout of 1.3711 (2013 high Feb.1) would open the door to the psychological level at 1.3800 and then 1.3815 (high Nov.14 2011).