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8 Jan 2014
EUR/USD extends January range
FXstreet.com (Barcelona) - EUR/USD had a slow night, making an overnight low at 1.3604, before climbing to post a high at 1.3634, before declining to where spot is presently trading at 1.3619.
EUR/USD unable to break the January range yet
Looking at price action so far this year, we see that following the Jan 2 decline from the Dec 27 high at 1.3892, EUR/USD has traded in a neat range. Applying a Fibonacci retracement from said Dec 27 high, to the Jan 6 low of 1.3570, we see that spot has tidily traded between the 0% and 23.6% levels (1.3570-1.3645). This mornings calendar has seen German Trade Balance data miss expectations alongside Imports and Exports. Italian Unemployment follows at 09:00 GMT before EZ Retail Sales and Unemployment Rate at 10:00 GMT, and German Factory Orders at 11:00 GMT. On the US side of the coin, MBA Mortgage Applications fall at 12:00 GMT, but the headline event of the day are the FOMC minutes, released at 19:00 GMT.
What are today´s key EUR/USD levels?
Hourly RSI sits at 48, neutrally ranging, with following ADX at 12. The daily pivot point sits at 1.3623, and is presently offering immediate resistance. Above we see resistance at 1.3648 (R1), 1.3677 (1D 20 EMA) 1.3683 (R2), 1.3702 (1H 200 SMA), and 1.3757 (Jan 2 High). Support below can be seen at 1.3595 (Jan 7 Low), 1.3588 (S1), 1.3581 (Jan3 Low), 1.3570 (Jan 6 Low), and 1.3563 (S2). A Dark Cloud Cover Candlestick pattern can be seen on the weekly chart too.
EUR/USD unable to break the January range yet
Looking at price action so far this year, we see that following the Jan 2 decline from the Dec 27 high at 1.3892, EUR/USD has traded in a neat range. Applying a Fibonacci retracement from said Dec 27 high, to the Jan 6 low of 1.3570, we see that spot has tidily traded between the 0% and 23.6% levels (1.3570-1.3645). This mornings calendar has seen German Trade Balance data miss expectations alongside Imports and Exports. Italian Unemployment follows at 09:00 GMT before EZ Retail Sales and Unemployment Rate at 10:00 GMT, and German Factory Orders at 11:00 GMT. On the US side of the coin, MBA Mortgage Applications fall at 12:00 GMT, but the headline event of the day are the FOMC minutes, released at 19:00 GMT.
What are today´s key EUR/USD levels?
Hourly RSI sits at 48, neutrally ranging, with following ADX at 12. The daily pivot point sits at 1.3623, and is presently offering immediate resistance. Above we see resistance at 1.3648 (R1), 1.3677 (1D 20 EMA) 1.3683 (R2), 1.3702 (1H 200 SMA), and 1.3757 (Jan 2 High). Support below can be seen at 1.3595 (Jan 7 Low), 1.3588 (S1), 1.3581 (Jan3 Low), 1.3570 (Jan 6 Low), and 1.3563 (S2). A Dark Cloud Cover Candlestick pattern can be seen on the weekly chart too.