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6 Aug 2013
EUR/USD drifting lower on a light news day; upside to 1.3414 still possible
FXstreet.com (Barcelona) - The EUR/USD cross is just below the flat line late Monday night after a sharp sell-off attributable to the US Fed’s Fischer hinted at tapering.
Who will act hawkishly first – the US Fed or the ECB?
Traders and analysts globally would be quick to point to the US Federal Reserve as being more likely to start taking away the punch bowl (of QE) from party guests (traders and investors) than the ECB. The US is showing tepid, yet consistent growth and is now well over four years removed from the peak of their financial crisis. Meanwhile, Europe is still struggling to reach positive economic numbers on a consistent basis and is, according to some analysts, still working to resolve their systemic issues.
Aside from possible Fed-speak, traders will only have German Factory Orders on which to focus Tuesday.
Technical outlook for EUR/USD
The EUR/USD could go either way here according to technicians. Some cite potential upside targets ranging from 1.3350 to 1.3414. Meanwhile, short-term support comes in at Friday’s low of 1.3187 and is backed up by “correction support” at 1.3123.
Who will act hawkishly first – the US Fed or the ECB?
Traders and analysts globally would be quick to point to the US Federal Reserve as being more likely to start taking away the punch bowl (of QE) from party guests (traders and investors) than the ECB. The US is showing tepid, yet consistent growth and is now well over four years removed from the peak of their financial crisis. Meanwhile, Europe is still struggling to reach positive economic numbers on a consistent basis and is, according to some analysts, still working to resolve their systemic issues.
Aside from possible Fed-speak, traders will only have German Factory Orders on which to focus Tuesday.
Technical outlook for EUR/USD
The EUR/USD could go either way here according to technicians. Some cite potential upside targets ranging from 1.3350 to 1.3414. Meanwhile, short-term support comes in at Friday’s low of 1.3187 and is backed up by “correction support” at 1.3123.