EUR/USD Outlook: Euro Trades In Widened Corrective Range
FinFX | Oct 22, 2013 04:19AM ET
EUR/USD
The euro trades in widened consolidative range, with downside being for now protected by hourly 55DMA / 4-hour 20DMA at 1.3650, also Fibonacci 23.6% of 1.3472/1.3702 ascend and previous high of 03/10. Hourly studies are neutral to negative, with further sideways mode seen while 1.3650 holds.
On the other side, 4-hour indicators are descending from overextended territory that keeps the downside vulnerable of further corrective easing. Below 1.3650 handle, Fibonacci 38.2% at 1.3614, will come next, along with 1.3600, high of 14/10 and 4-hour 55DMA, levels seen as ideal reversal point, ahead of fresh attack at short-term target at 1.3710, with 1.3800, Fibonacci 100% expansion of the wave from 1.3103, seen as next target. Any break below 1.3600 would delay bulls for further consolidation, with pivotal near-term support lying at 1.3470 zone.
Resistance: 1.3687; 1.3702; 1.3710; 1.3750
Support: 1.3650; 1.3614; 1.3600; 1.3587
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