EUR/USD Outlook: September, 23 2013
FinFX | Sep 23, 2013 04:10AM ET
EUR/USD
The euro trades in an extended consolidative phase under last week’s fresh high at 1.3567. Near-term price action moves in a sideways mode and is being entrenched within the 1.3500/50 range. Psychological 1.35 support, reinforced by ascending hourly 55DMA, keeps the downside protected for now with hourly studies holding neutral tone. From the other side, extended 4-hour studies see risk of further consolidation, with double-Doji supporting such scenario. However, deeper pullback cannot be ruled out as daily RSI is entering overbought territory. Immediate support lies at 1.3500, ahead of 1.3450, previous top and 50% retracement of 1.3337/1.3567 upleg. Increased downside risk would be seen in case of violation of 1.3400, Fibonacci 38.2% of 1.3103/1.3567 and 1.3340, higher platform and 50% retracement. Targets at 1.3600 and key 1.3710 peak, seen in extension, remain in near-term focus.
Resistance: 1.3567; 1.3600; 1.3658; 1.3710
Support: 1.3500; 1.3479; 1.3450; 1.3425
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