Currency Analyst since 2010

EUR/USD around $1.3600

EUR/USD bulls keep pushing to the upside. As Italian Prime Minister Letta won the confidence vote yesterday, concerns about Italy’s political stability eased. The tone of the ECB on Wednesday wasn’t as dovish as the market had been expecting, so there’s the room for euro’s appreciation. The market’s focus turned from the euro zone back to the US government shutdown.

Services PMI results in the euro area, France and Italy surprised investors in September while the German reading missed the median, but was better than in the previous month. European retail sales are expected to increase by 0.3% (previous: 0.1%).

The pair’s now moving sideways in the $1.3600 area. The daily high’s at $1.3623 for now. Resistance: $1.3630, $1.3660, $1.3711. Support: $1.3505, $1.3500, $1.3470.

Chart. H1 EUR/USD


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