Back
4 Jun 2013
EUR/USD sideways consolidation at 1.3079/82
The EUR/USD has been relatively devoid of a breakout in either direction Tuesday, relative to the waves created yesterday across currency markets.
Earlier today in the EMU, the Producer Price Index (YoY) came in at -0.2% in April, vs. expectations of +0.3%. Moreover, the Producer Price Index (MoM) has experienced a decline of -0.6% in April, against estimates calling for -0.2%.
Briefing the technicals, the pair is operating at +0.03% in these moments at 1.3079/82. The latest action pits the EUR/USD in positive territory, eventually facing resistances at 1.3140, followed by 1.3199, and finally 1.3292. Alternatively, a movement lower will usher in supports at 1.2988, then 1.2895, and eventually 1.2836, calculates the Mataf.net analyst team.
According to the Technical Analyst Team at ICN.com, “The EUR/USD moved to the upside touching the first extended target of the bullish harmonic Butterfly Pattern represented in 78.6% correction around 1.3110, then it consolidated above 61.8% of CD Leg at 1.3040. Trading above the 1.3045 figure is positive and prolonged stability above it might trigger an upside move eying further targets starting from 1.3150.”
Earlier today in the EMU, the Producer Price Index (YoY) came in at -0.2% in April, vs. expectations of +0.3%. Moreover, the Producer Price Index (MoM) has experienced a decline of -0.6% in April, against estimates calling for -0.2%.
Briefing the technicals, the pair is operating at +0.03% in these moments at 1.3079/82. The latest action pits the EUR/USD in positive territory, eventually facing resistances at 1.3140, followed by 1.3199, and finally 1.3292. Alternatively, a movement lower will usher in supports at 1.2988, then 1.2895, and eventually 1.2836, calculates the Mataf.net analyst team.
According to the Technical Analyst Team at ICN.com, “The EUR/USD moved to the upside touching the first extended target of the bullish harmonic Butterfly Pattern represented in 78.6% correction around 1.3110, then it consolidated above 61.8% of CD Leg at 1.3040. Trading above the 1.3045 figure is positive and prolonged stability above it might trigger an upside move eying further targets starting from 1.3150.”