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1 Oct 2013
EUR/USD challenging lows around 1.3520
FXstreet.com (Edinburgh) -The selling interest is now gathering steam around the single currency, dragging the EUR/USD to test session lows in sub-1.3520 levels on Tuesday.
EUR/USD back to square one
The pair retraced the whole spike post-US shutdown, as market participants seem to be digesting pretty quickly the event across the pond. Data-wise, the relevant gauge of the US manufacturing sector by the ISM index showed a decent improvement for the month of September, increasing to 56.2 and surpassing both the median and August’s print at 55.0 and 55.7, respectively. Jason Sen, analyst at DayTradeIdeas.com, recommended, “From here up to September highs at 1.3570 is important resistance. We are overbought but a break higher cannot be ruled out. Be ready to jump in to longs on a break as we could then target 1.3630 then 1.3660… Below 1.3510 however targets support at 1.3480. If we continue lower watch last week’s low of 1.3462”.
EUR/USD critical levels
The pair is now up 0.04% at 1.3531 with the next resistance at 1.3598 (high Feb.5). On the flip side, a breakdown of 1.3467 (low Sep.30) would expose 1.3462 (low Sep.25) and finally 1.3459 (23.6% of 1.3104-1.3569).
EUR/USD back to square one
The pair retraced the whole spike post-US shutdown, as market participants seem to be digesting pretty quickly the event across the pond. Data-wise, the relevant gauge of the US manufacturing sector by the ISM index showed a decent improvement for the month of September, increasing to 56.2 and surpassing both the median and August’s print at 55.0 and 55.7, respectively. Jason Sen, analyst at DayTradeIdeas.com, recommended, “From here up to September highs at 1.3570 is important resistance. We are overbought but a break higher cannot be ruled out. Be ready to jump in to longs on a break as we could then target 1.3630 then 1.3660… Below 1.3510 however targets support at 1.3480. If we continue lower watch last week’s low of 1.3462”.
EUR/USD critical levels
The pair is now up 0.04% at 1.3531 with the next resistance at 1.3598 (high Feb.5). On the flip side, a breakdown of 1.3467 (low Sep.30) would expose 1.3462 (low Sep.25) and finally 1.3459 (23.6% of 1.3104-1.3569).