EUR/USD Outlook: September, 19 2013
FinFX | Sep 19, 2013 03:51AM ET
EUR/USD
The euro skyrocketed after a disappointing Fed decision, surging off the 1.3330 base through initial the targets at 1.3450 and 1.3500. Gains reached 1.3541, fresh seven-month high, where rally paused due to extremely overbought conditions. Corrective pullback is seen as likely scenario, with 1.3500 seen as initial support ahead of the more significant 1.3450, previous top and near 50% retracement of 1.3337/1.3541 rally. A positive sentiment, confirmed on fresh extension of the upleg from 1.3103, keeps bulls firmly in play and favors further upside. The next target is at 1.3600 with the psychological barrier and the 1.3710, 01/02 annual high, coming in sight as a fresh rally broke above multi-month congestion and confirmed daily double-bottom at 1.2744/54.
Resistance: 1.3541; 1.3576; 1.3600; 1.3658
Support: 1.3500; 1.3463; 1.3450; 1.3415
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