EUR/USD Outlook: Price Hit Fresh High At 1.3587
FinFX | Oct 02, 2013 08:03AM ET
EUR/USD
The euro remains unchanged and holds within one-week range as brief attempt above previous high at 1.3567 was short-lived. The price hit fresh high at 1.3587, before sliding to strong support at 1.35 zone. Near-term studies are mixed as hourly indicators hold in the negative territory, while positive tone exists on 4-hour chart,with price action being supported by rising 55DMA at 1.3490. Violation of the latter would shift focus towards the lower boundary of the range at 1.3460, while lift above initial barrier at 1.3550 is expected to re-focus the upper targets at 1.3587 and 1.3600. Extended daily studies that are moving in a sideways mode, however, see risk of stall, in case price will remain capped under 1.36 barrier, with confirmation of reversal requiring break below initial 1.3460/50 supports. Conversely, clearance of 1.36, to open short-term target at 1.3710, 01/02 yearly high.
Resistance: 1.3535; 1.3555; 1.3563; 1.3587
Support: 1.3505; 1.3476; 1.3461; 1.3450
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