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30 Sep 2013
EUR/USD eyes 1.3550 on Italy rumours
FXstreet.com (Edinburgh) -The EUR/USD broke above the consolidation pattern around 1.3500 the figure on Monday, rapidly climbing to fresh intraday peaks in levels just shy of 1.3550.
EUR/USD closer to monthly highs
The pair is trading closer to post-FOMC tops near 1.3570 as firmer risk-on tone is now prevailing amongst investors. Rumours regarding Italian senators from the PdL party may align with PM Enrico Letta are doing the rounds now in the European midday, boosting the euro. According with the last CFTC COT report, Strategist Camilla Sutton at Scotiabank argued, “t EUR long positions more than doubled and are back at their strongest levels since May 2011 as better Eurozone survey data strengthened hopes for economic recovery in the region… In the wake of the Fed’s decision not to taper the size of its monthly asset purchases, net dollar longs dropped sharply back to their lowest levels since February”.
EUR/USD levels to watch
The pair is now up 0.18% at 1.3545 with the next resistance at 1.3565 (high Sep.27) ahead of 1.3569 (high Sep.19) and then 1.3598 (high Feb.5). On the flip side, a dip beyond 1.3467 (low Sep.20) would aim for 1.3462 (low Sep.25) and finally 1.3459 (23.6% of 1.3104-.13569).
EUR/USD closer to monthly highs
The pair is trading closer to post-FOMC tops near 1.3570 as firmer risk-on tone is now prevailing amongst investors. Rumours regarding Italian senators from the PdL party may align with PM Enrico Letta are doing the rounds now in the European midday, boosting the euro. According with the last CFTC COT report, Strategist Camilla Sutton at Scotiabank argued, “t EUR long positions more than doubled and are back at their strongest levels since May 2011 as better Eurozone survey data strengthened hopes for economic recovery in the region… In the wake of the Fed’s decision not to taper the size of its monthly asset purchases, net dollar longs dropped sharply back to their lowest levels since February”.
EUR/USD levels to watch
The pair is now up 0.18% at 1.3545 with the next resistance at 1.3565 (high Sep.27) ahead of 1.3569 (high Sep.19) and then 1.3598 (high Feb.5). On the flip side, a dip beyond 1.3467 (low Sep.20) would aim for 1.3462 (low Sep.25) and finally 1.3459 (23.6% of 1.3104-.13569).