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1 Nov 2013
EUR/USD resists above 1.3500
FXstreet.com (Córdoba) - The EUR/USD managed to recover slightly after hitting a fresh 2-week low during the European session as weak inflation data fueled expectations the ECB could loose its policy further.
The EUR/USD extended losses into a fifth consecutive day Friday and touched a low of 1.3507 during the European session. However, the euro has managed to hold above 1.3500 and trimmed a slight part of recent losses. At time of writing, EUR/USD is trading at the 1.3525 area, still 0.4% below its opening price. During the New York session, watch for October manufacturing PMI's from ISM and Markit.
EUR/USD technical outlook
"Yesterday's break through 1.3700 support zone unleashed a severe downtrend, which is still intact, heading towards 1.3450 area", said Stoyan Mihaylov, analyst at DeltaStock.com. "Initial resistance is projected at 1.3575, followed by the crucial 1.3690".
The EUR/USD extended losses into a fifth consecutive day Friday and touched a low of 1.3507 during the European session. However, the euro has managed to hold above 1.3500 and trimmed a slight part of recent losses. At time of writing, EUR/USD is trading at the 1.3525 area, still 0.4% below its opening price. During the New York session, watch for October manufacturing PMI's from ISM and Markit.
EUR/USD technical outlook
"Yesterday's break through 1.3700 support zone unleashed a severe downtrend, which is still intact, heading towards 1.3450 area", said Stoyan Mihaylov, analyst at DeltaStock.com. "Initial resistance is projected at 1.3575, followed by the crucial 1.3690".