Another week ends with the EUR/USD having traded within previous week’s boundaries and no much happening in terms of macroeconomic news.
A poor run of European industrial production data and in-line-with expectations CPI figures in the Eurozone failed to trigger movements in the pair. On the other side of the Atlantic, FOMC minutes offered no surprises and confirmed the Federal Reserve will conclude its QE cycle in October if the US economy holds up as expected.
But on Thursday, fears Portuguese Banco Espiritu Santo troubles could spill into a banking crisis in the Eurozone hit the panic button, sparking risk aversion across markets and weighing on the EUR/USD, which erased previous weekly gains within a session.
Next week, from the Eurozone, the ZEW survey Tuesday and consumer price index Thursday will attract markets’ attention, while in the US retail sales, producer price index and the Reuters/Michigan consumer sentiment index will be the highlights.
Technically speaking, the EUR/USD shows a more neutral tone in daily charts, after spending the week above the 1.3575 support zone. However, the bearish bias is still dominant after failing to break above 1.3650 and the 200-day SMA offering resistance at the 1.3575 area just before the 38.2% retracement of the 1.3993/1.3502 fall at 1.3688.
A loss of the 1.3575 area, could trigger more losses with the 1.3500/1.3475 area as next key support zone. Then, a break below this latter could pave the way to 1.3400.
View Live Chart for EUR/USD
A poor run of European industrial production data and in-line-with expectations CPI figures in the Eurozone failed to trigger movements in the pair. On the other side of the Atlantic, FOMC minutes offered no surprises and confirmed the Federal Reserve will conclude its QE cycle in October if the US economy holds up as expected.
But on Thursday, fears Portuguese Banco Espiritu Santo troubles could spill into a banking crisis in the Eurozone hit the panic button, sparking risk aversion across markets and weighing on the EUR/USD, which erased previous weekly gains within a session.
Next week, from the Eurozone, the ZEW survey Tuesday and consumer price index Thursday will attract markets’ attention, while in the US retail sales, producer price index and the Reuters/Michigan consumer sentiment index will be the highlights.
Technically speaking, the EUR/USD shows a more neutral tone in daily charts, after spending the week above the 1.3575 support zone. However, the bearish bias is still dominant after failing to break above 1.3650 and the 200-day SMA offering resistance at the 1.3575 area just before the 38.2% retracement of the 1.3993/1.3502 fall at 1.3688.
A loss of the 1.3575 area, could trigger more losses with the 1.3500/1.3475 area as next key support zone. Then, a break below this latter could pave the way to 1.3400.
View Live Chart for EUR/USD
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