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2 Oct 2013
EUR/USD falls through; targets 1.35
FXstreet.com (Chicago) - EUR/USD extends bearish channel to print new lows ahead of Tokyo’s opening and amid a US government that remains divided.
Expert’s views
Jim Langlands, FXstreet.com analyst, states that “technically we are now back where we were this time yesterday, and while I would be reluctant to put too much into it, given that the momentum indicators are pretty neutral, we are sitting above trendline support at 1.3510. There were good bids in Europe last night at 1.3500/20 and these could well hold for now. The daily Tenkan has now risen to 1.3522 and a run down below 1.3500/20 would break this and could prompt fresh selling. A break of 1.3500 would see a return towards the first Fibo support at 1.3472 (23.6% of 1.3104/1.3587). Below this would head towards minor support at 1.3450 and then towards 1.3400 (38.2%).” He adds “On the topside, today’s high at 1.3587 will again see sellers, above which 1.3600 would attract. Beyond there could prompt a test of the 1 Feb high at 1.3710, but as I said yesterday, it would probably take a weak US NFP on Friday, and the consequent doubts that there will be any December tapering from the Fed, to set this into action. At present it does not look likely that the NFP will be part of the game plan.”
EUR/USD Technical Levels
Technically speaking, the pair is offered at 1.3518 between supports aligned at 1.3461 (September 23rd lows), 1.34 (August 27th highs) ahead of 1.3343 (September 17th lows) and the resistances set at 1.3564 (September 26th highs), 1.3631 (February 1st highs) followed by 1.3716 (January 24th highs).
Expert’s views
Jim Langlands, FXstreet.com analyst, states that “technically we are now back where we were this time yesterday, and while I would be reluctant to put too much into it, given that the momentum indicators are pretty neutral, we are sitting above trendline support at 1.3510. There were good bids in Europe last night at 1.3500/20 and these could well hold for now. The daily Tenkan has now risen to 1.3522 and a run down below 1.3500/20 would break this and could prompt fresh selling. A break of 1.3500 would see a return towards the first Fibo support at 1.3472 (23.6% of 1.3104/1.3587). Below this would head towards minor support at 1.3450 and then towards 1.3400 (38.2%).” He adds “On the topside, today’s high at 1.3587 will again see sellers, above which 1.3600 would attract. Beyond there could prompt a test of the 1 Feb high at 1.3710, but as I said yesterday, it would probably take a weak US NFP on Friday, and the consequent doubts that there will be any December tapering from the Fed, to set this into action. At present it does not look likely that the NFP will be part of the game plan.”
EUR/USD Technical Levels
Technically speaking, the pair is offered at 1.3518 between supports aligned at 1.3461 (September 23rd lows), 1.34 (August 27th highs) ahead of 1.3343 (September 17th lows) and the resistances set at 1.3564 (September 26th highs), 1.3631 (February 1st highs) followed by 1.3716 (January 24th highs).