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9 Sep 2013
EUR/USD keeps highs near 1.3200
FXstreet.com (Edinburgh) -The sentiment surrounding the single currency remains upbeat on Monday, with the EUR/USD trading in the upper end of the range near 1.3200 the figure.
EUR/USD propped up by China, EMU data
Positive data from the Chinese external sector over the weekend plus 2-year highs from the EMU’s Sentix index are collaborating with today’s upside towards the key handle at 1.3200, while market participants are still digesting last Friday’s Payrolls (169K). According to Mansoor Mohi-uddin, Director of FX Strategy at UBS, “For the last seven months the euro has traded in a 1.28-1.34 range against the dollar. We expect the single currency will fall to the lower end of this range in the next three months and longer term we continue to see the euro back to its 1.15-1.20 fair value against the greenback... In addition, the euro is also likely to remain constrained by the European Central Bank staying dovish”.
EUR/USD key levels
As of writing the pair is advancing 0.10% at 1.3193 facing the next hurdle at 1.3223 (high Sep.5) followed by 1.3224 (MA10d) and then 1.3237 (high Sep.2). On the flip side, a breach of 1.3157 (low Sep.9) would open the door to 1.3104 (50% of 1.2755-1.3453) and finally 1.3089 (low Jul.19).
EUR/USD propped up by China, EMU data
Positive data from the Chinese external sector over the weekend plus 2-year highs from the EMU’s Sentix index are collaborating with today’s upside towards the key handle at 1.3200, while market participants are still digesting last Friday’s Payrolls (169K). According to Mansoor Mohi-uddin, Director of FX Strategy at UBS, “For the last seven months the euro has traded in a 1.28-1.34 range against the dollar. We expect the single currency will fall to the lower end of this range in the next three months and longer term we continue to see the euro back to its 1.15-1.20 fair value against the greenback... In addition, the euro is also likely to remain constrained by the European Central Bank staying dovish”.
EUR/USD key levels
As of writing the pair is advancing 0.10% at 1.3193 facing the next hurdle at 1.3223 (high Sep.5) followed by 1.3224 (MA10d) and then 1.3237 (high Sep.2). On the flip side, a breach of 1.3157 (low Sep.9) would open the door to 1.3104 (50% of 1.2755-1.3453) and finally 1.3089 (low Jul.19).