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29 Aug 2013
EUR/USD selling off – perhaps on reports of US ramping up military activity
FXstreet.com (Barcelona) - The EUR/USD never made it up to projected “correction resistance” at 1.3351 before starting to fade once again – perhaps due to negative news flow on the Syrian situation.
German and then U.S. data may divert some attention from Syria
In a few hours, traders will be getting German unemployment and inflation data and Spanish GDP. Later in the session, US GDP, Personal Consumption Expenditures and Weekly Jobless Claims will be released – all of which could move the markets. Additionally, the topic of Fed tapering will be rearing its ugly head again with a speech from the U.S. Fed’s Bullard due out. All of the data could be market-moving, but any major Syrian headlines will overshadow the influences of the data points in the short-term.
Technical outlook for EUR/USD
Technicians say 1.3409 remains the key upside correction resistance level to monitor on a macro basis for EUR/USD. However, 1.3352 is the key level to watch in the very near term. Those who say EUR/USD topped at around 1.34 – 1.35 have as their downside target 1.24 – 1.25. Shorter-term support comes into play at Wednesday’s low at 1.3304.
German and then U.S. data may divert some attention from Syria
In a few hours, traders will be getting German unemployment and inflation data and Spanish GDP. Later in the session, US GDP, Personal Consumption Expenditures and Weekly Jobless Claims will be released – all of which could move the markets. Additionally, the topic of Fed tapering will be rearing its ugly head again with a speech from the U.S. Fed’s Bullard due out. All of the data could be market-moving, but any major Syrian headlines will overshadow the influences of the data points in the short-term.
Technical outlook for EUR/USD
Technicians say 1.3409 remains the key upside correction resistance level to monitor on a macro basis for EUR/USD. However, 1.3352 is the key level to watch in the very near term. Those who say EUR/USD topped at around 1.34 – 1.35 have as their downside target 1.24 – 1.25. Shorter-term support comes into play at Wednesday’s low at 1.3304.