Bias for further euro upside

With the US government still in shutdown mode, we have seen a marginal topping in the EUR/USD pair around $1.3650. 

The uptrend still favours gains for the single currency, but getting through the $1.36 level has proven a little too much so far today due to cautious trading.

The eurozone Sentix investor confidence was well below estimates, coming in at a reading of 6.1 against the 10.9 expected. However, compared to last month’s figures, the index is only slightly off.

Greece, providing a draft budget today and heading for a primary budget surplus, aims to return to the markets in the second half of 2014.

For now, there is rising support coming from the 15 September lows, and the uptrend channel assisted by the 200-hour moving average will need to stay intact if any attempts on the $1.37 levels seen earlier this year can be challenged.

Spot FX EUR/USD chart

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