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2 Oct 2013
EUR/USD stabilizes around 1.3580
FXstreet.com (Edinburgh) -The EUR/USD is now attempting a consolidation pattern around 1.3580/85, as market participants wait for the meeting between President Obama and congressional leaders.
EUR/USD focus on shutdown, debt ceiling talks
After climbing beyond the key 1.3600 handle post-ECB meeting, the pair is now trying to stabilize in the upper end of the intraday range, as markets in Wall St. are slowly drawing to a close. Investors will closely follow the events from the White House due later, where President Obama and the main political leaders would attempt to quell the ongoing shutdown and initiate the negotiations regarding the debt ceiling. Camilla Sutton, Chief Strategy at Scotiabank, noted the short-term technicals on the pair remain bullish, “but with EURUSD having been stuck in a narrow range for 10 sessions it lacks a catalyst to push it higher with the risk of ECB looming. Technically, support lies at 1.3480 and resistance at 1.3588”.
EUR/USD relevant levels
The pair is now advancing 0.41% at 1.3583 with the next resistance at 1.3660 (high Feb.4) followed by 1.3711 (2013 high Feb.1) and finally 1.3800 (psychological level). On the downside, a break below 1.3505 (low Oct.2) would aim for 1.3500 (psychological level) and then 1.3467 (low Sep.30).
EUR/USD focus on shutdown, debt ceiling talks
After climbing beyond the key 1.3600 handle post-ECB meeting, the pair is now trying to stabilize in the upper end of the intraday range, as markets in Wall St. are slowly drawing to a close. Investors will closely follow the events from the White House due later, where President Obama and the main political leaders would attempt to quell the ongoing shutdown and initiate the negotiations regarding the debt ceiling. Camilla Sutton, Chief Strategy at Scotiabank, noted the short-term technicals on the pair remain bullish, “but with EURUSD having been stuck in a narrow range for 10 sessions it lacks a catalyst to push it higher with the risk of ECB looming. Technically, support lies at 1.3480 and resistance at 1.3588”.
EUR/USD relevant levels
The pair is now advancing 0.41% at 1.3583 with the next resistance at 1.3660 (high Feb.4) followed by 1.3711 (2013 high Feb.1) and finally 1.3800 (psychological level). On the downside, a break below 1.3505 (low Oct.2) would aim for 1.3500 (psychological level) and then 1.3467 (low Sep.30).