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16 Sep 2013
EUR/USD eases from 1.3380
FXstreet.com (Edinburgh) -The EUR/USD is now retreating to the mid 1.33s on Monday, retracing some ground after hitting 3-week highs in the boundaries of 1.3380.
EUR/USD boosted by risk
The pair was propelled to multi-week highs after Larry Summers stepped down of his run to be the next Fed Chairman, paving the way for Janet Yellen to succeed Chief Bernanke from February 1st. Yellen is well known for her more dovish reputation, boosting the risk-on trade in detriment of the greenback. More news over the weekend showed that US and Russia came to an agreement regarding the chemical weapons in Syria, now removing the military option off the table and thus giving risk associated assets another reason to escalate further. In the data front, inflation figures and trade balance results are due in the bloc while Industrial Production and the Empire State index will be in the limelight in US.
EUR/USD key levels
The pair is now up 0.51% at 1.3362 with the next resistance at 1.3399 (high Aug.28). On the flip side, the immediate support lies at 1.3243 (low Sep.11) followed by 1.3230 (low Sep.10) and finally 1.3228 (MA10d).
EUR/USD boosted by risk
The pair was propelled to multi-week highs after Larry Summers stepped down of his run to be the next Fed Chairman, paving the way for Janet Yellen to succeed Chief Bernanke from February 1st. Yellen is well known for her more dovish reputation, boosting the risk-on trade in detriment of the greenback. More news over the weekend showed that US and Russia came to an agreement regarding the chemical weapons in Syria, now removing the military option off the table and thus giving risk associated assets another reason to escalate further. In the data front, inflation figures and trade balance results are due in the bloc while Industrial Production and the Empire State index will be in the limelight in US.
EUR/USD key levels
The pair is now up 0.51% at 1.3362 with the next resistance at 1.3399 (high Aug.28). On the flip side, the immediate support lies at 1.3243 (low Sep.11) followed by 1.3230 (low Sep.10) and finally 1.3228 (MA10d).