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Currency Analyst since 2010

EUR/USD in the $1.3170 area

EUR/USD is consolidating in the $1.3170 area after 5 consecutive days of declines. Euro closed here on Tuesday after it touched 200-day MA earlier yesterday (6-week low at $1.3140) despite an improved risk sentiment. After a steep fall last week euro’s descent has slowed down and it’s oversold on H4.

Spanish services PMI rose above 50.0. Also watch today for Italian services PMI (07:45 GMT), final reading of the euro zone’s services PMI (08:00), retail sales and final GDP figures (09:00 GMT). Later today don’t miss US Trade Balance, the Fed’s Beige Book and the Fed’s Dudley speech.

Support lies at $1.3140/35 (200-, 100-day MAs), $1.3115 and $1.3105 (top of the Cloud, 50% Fibo of the advance from July to August). Resistance is at $1.3185 (55-day MA, 38.2% Fibo), $1.3200, $1.3255 (Aug. 30 high) and $1.3298 (Aug. 22 low).

Chart. H4 EUR/USD

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