For today I am leaving my support and resistance levels unchanged from yesterday at 1.5000 for support and then a zone between 1.5130 and 1.5140 for resistance as traders try to find a point of balance for this pair.
If the softness seen recently in the pound does become extended, the next logical level of support could come in near 1.5530 and then at a more major zone between 1.5440 and 1.5450.
On the technical side resistance to a further move up may come in around 1.5170 with a level beyond at the July highs in the zone of 1.5230 to 1.5240.
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If the US continues to pump out negative economic data likes it is its job though, 1.3000 could easily break way and a run to the next zone of 1.3100 to 1.3120 could be in order.
If the euro starts to slip, support may be found between 1.2580 and 1.2600 with an extended move for the dollar perhaps making it to the next zone between 1.2470 and 1.2490 before becoming exhausted.
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Some resistance to any further move up seems likely in the zone between 1.5310 and 1.5320.
After testing the resistance zone of 1.3100 to 1.3110 twice, the euro has been backing off a bit.
Resistance to any run up by the buck may face some headwinds in the zone between 1.0425 and 1.0440.
Lessons have been learnt, including that a minimum safety buffer zone of 1, 640ft (500m) is established before firing smoke rounds.
My thought for initial resistance could be in the zone of 1.0650-1.0680.
If there is another leg higher, traders may want to watch what could be a very critical resistance zone between 1.5650 and 1.5670.
Year-on-year inflation in the euro zone was 1.9% in May -- unchanged from the previous two months, and around the ECB's guidelines of just under 2%.
At the time of this writing the euro has recently broken through the top end of the resistance zone of 1.2730-1.2740 first mentioned on July 8.
Hunt does feature one of the better yields in the trucking zone at 1.4%, but that is still a paltry payout when compared to other dividend paying companies.
If the USD can break through this resistance though, it could create quite a large reaction that would not see any further resistance until the zone of 1.0750 to 1.0775.
For today, I am leaving my support and resistance levels basically unchanged with the first level of potential resistance in the zone of 1.3100 to 1.3110 with initial support somewhere near 1.2840 to 1.2850.
Below that though and the zone between 1.0460 and 1.0470 (highs of June 23 and 24 and low of June 30) looks like it could be the next logical level of support for this pair.
An export-led surge in Germany has pushed GDP growth to 3.7%, against only 1.6% in France and a euro-zone average of 1.7% (see article).
Even with all of the dollar negative data though, the support zone slightly below 1.0300 has held sturdy.
He finds that, over the past five years, America's productivity growth has only slightly outpaced that in the euro zone, at 1.8% and 1.5% respectively.
Valter Birsa's 87th-minute winner handed Torino a 2-1 victory over Atalanta, while Juraj Kucka's 33rd-minute goal was enough to see Genoa creep further away from the drop zone with a 1-0 win over Udinese.
Earlier, Osasuna moved four points clear of the relegation zone with a 1-0 win at home to eighth-placed Getafe, while Athletic Bilbao all but secured another year in the top flight with a 2-1 win over bottom club Mallorca.
Also, Euro zone inflation fell to 1.7% on an annual basis in March, from 1.8% in February.
On the dim side in Europe Wednesday, Euro zone industrial production fell 1.4% in October from September.
The IMF expects overall euro-zone inflation of only 1.5% in 2013, quite a bit below the ECB's target.
Once again, the technically strong resistance zone found just beyond 1.2900 could not be breached and once again the common currency was sold off.
Even with the negative Chicago Fed data though, the loonie may still struggle to push through the 25 pip wide support zone found just below 1.0300.
Elsewhere in the African qualifying zone Egypt recorded a 1-0 win over Zambia in their Group C clash in Konkola to potentially set up a deciding match with Algeria in Cairo next month.
The March unemployment rate for the euro zone rose to 12.1%, the highest since 1995.
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If this zone fails to hold, 1.3000 to 1.3025 may be the next target.
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