It’s all about the Fed. The crying has stopped and the bleeding has slowed, somewhat, ahead of the FOMC meet next week. The EUR’s recent price action continues to beat the bears despite it’s own soft Euro data. On Friday, the ‘mighty ‘ dollar ended up aiding the 17-member single currency even further, pushing it to finish the week in technical bullish territory.
Traders Sat This One Out
The Reuters/University of Michigan consumer sentiment for June came in below expectations and applied temporary weekending pressure on the dollar. With so many licking this week’s asset price destruction wounds, very few investors had any interest to ply their wares after Friday morning’s data releases. Instead they seemed much happier to wade to the sidelines and wait for Ben’s press conference next Wednesday.
Next Big Target
The EUR has managed to hold, for a second consecutive day, just above the accelerated trend support of 1.3300. According to technical analysts, it’s hoping to stage a clear break above resistance at 1.3342 -- the 61.8% retracement and late February high. If achieved, that would leave the immediate risks marginally higher for a possible push through the optioned-protected, next big figure -- 1.3400. Any momentum forcing the EUR below 1.3310, for a period of time, will open the door for the currency to test Wednesday’s low at 1.3279.
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The Euro At Week's End
Published 06/14/2013, 01:53 PM
Updated 07/09/2023, 06:31 AM
The Euro At Week's End
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