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30 Sep 2013
EUR/USD, on double pennant pattern above 1.35
FXstreet.com (Chicago) - EUR/USD manifested a double pennant pattern in the afternoon of the American trading session. As market participants weighted on a potential government shutdown that seems inevitable, the pair retraced from 1.3550 highs but maintained the 1.35 front.
Set for glory?
The markets welcome October with lots of political turmoil both in the US and Europe. In Italy, 5 ministers resigned and the American country is stuck with bipartisanship inability to act collectively. Ahead of Tokyo’s opening, consumer price indexes for the Euro-zone and Italy along retail sales data in Greece and Germany, the headlines will be ruled by what happens in Washington with highly probable strong reactions among market participants.
EUR/USD Technical Levels
After reaching 9-month highs on FOMC’s results and Fed’s decision not to taper, the pair continues trading within range after 2 weeks of sideways price action. Offered at 1.3491, the pair closed between supports aligned at 1.3509 (September 18th lows), 1.3450 (August 20th lows) ahead of 1.3413 (August 23rd lows) and resistances set at 1.3563 (February 1st highs), 1.3603 (September 18th highs) followed by 1.3662 (February 14th highs). According to the FXstreet.com trend index, the pair’s slightly bearish on one-hour timeframe.
Set for glory?
The markets welcome October with lots of political turmoil both in the US and Europe. In Italy, 5 ministers resigned and the American country is stuck with bipartisanship inability to act collectively. Ahead of Tokyo’s opening, consumer price indexes for the Euro-zone and Italy along retail sales data in Greece and Germany, the headlines will be ruled by what happens in Washington with highly probable strong reactions among market participants.
EUR/USD Technical Levels
After reaching 9-month highs on FOMC’s results and Fed’s decision not to taper, the pair continues trading within range after 2 weeks of sideways price action. Offered at 1.3491, the pair closed between supports aligned at 1.3509 (September 18th lows), 1.3450 (August 20th lows) ahead of 1.3413 (August 23rd lows) and resistances set at 1.3563 (February 1st highs), 1.3603 (September 18th highs) followed by 1.3662 (February 14th highs). According to the FXstreet.com trend index, the pair’s slightly bearish on one-hour timeframe.