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2 Oct 2013
EUR/USD pierces 1.3600, hits 8-month peak
FXstreet.com (Córdoba) - The EUR/USD extended gains and pierced above the 1.3600 mark to hit its highest in 8 months, as news Letta won a confidence vote in Italian Parliament gave the euro a boost while ECB Draghi repeated himself today.
EUR/USD rallied over 100 pips at the beginning of the New York session, breaking above several resistance levels to print its strongest since Feb 4 at 1.3606. However, the pair failed to sustain above 1.3600 and at time of writing it is trading around 1.3590, recording a 0.5% gain on the day.
EUR/USD technical outlook
"Considering the US government shutdown seems way too far from ending in the upcoming days, the EUR/USD upward momentum will likely extend over current American session", says Valeria Bednarik, chief analyst at FXstreet.com. Technically speaking, Bednarik notes that EUR/USD holds a positive tone with immediate level to watch at 1.3620, en route to 1.3710 2013 high.
EUR/USD rallied over 100 pips at the beginning of the New York session, breaking above several resistance levels to print its strongest since Feb 4 at 1.3606. However, the pair failed to sustain above 1.3600 and at time of writing it is trading around 1.3590, recording a 0.5% gain on the day.
EUR/USD technical outlook
"Considering the US government shutdown seems way too far from ending in the upcoming days, the EUR/USD upward momentum will likely extend over current American session", says Valeria Bednarik, chief analyst at FXstreet.com. Technically speaking, Bednarik notes that EUR/USD holds a positive tone with immediate level to watch at 1.3620, en route to 1.3710 2013 high.