Friday, September 27, 2013
* Everest Markets Forex Comment
US Dollar rose against most of its major counterparts on Thursday. On the US economic data front, initial jobless claims fell to 305K (325K expected) in the week ended September 21st from 310K (revised from 309K) the previous week. GDP rose at a 2.5% (2.6% expected) annualized rate in 2Q, according to data released by the US Commerce Department. Finally, pending home sales slid 1.6% MoM (-1% expected) in August after a downwardly revised 1.4% decline the previous month.
The British Pound was down against its major counterparts. UK 2Q GDP was confirmed at +0.7% QoQ. YoY, it was +1.3% vs +1.5% in prior estimation.
* Everest Markets Daily EUR/USD Pair Review
EUR/USD intraday: under pressure.
Our preference: SHORT positions below 1.351 with 1.3455 & 1.3425 in sight.
Alternative scenario: The upside breakout of 1.351 will open the way to 1.355 & 1.357.
Comment: the pair is rebounding but stands below its resistance.