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19 Feb 2014
EUR/USD supported at 1.3750
FXStreet (Edinburgh) - The single currency is now trading on a softer tone, taking the EUR/USD back to the mid 1.37s, where found decent support so far.
EUR/USD remains bid
The pair is extending its rally however, advancing for the third consecutive week after finding decent support around the 1.3500 handle and fully recovering from post-Coeure’s comments regarding negative deposit rates. Today’s price action would mainly hinge on the US docket and the FOMC minutes due in the European evening, ahead of tomorrow’s advance manufacturing/services PMI prints in the euro bloc. According to Camilla Sutton, Chief Strategist at Scotiabank, the short-term technicals remain on the bullish side. ”All technicals have shifted back into buy territory; the only warning on the charts is that the ADX at just 12 suggests there is no clear trend. Resistance lies at 1.3800”.
EUR/USD relevant levels
At the moment the pair is losing 0.07% at 1.3748 and a breach of 1.3695 (low Feb.18) would target 1.3685 (low Feb.17) en route to 1.3674 (low Feb.14). On the upside, the next resistance lines up at 1.3773 (high Feb.19) followed by 1.3777 (2014 high Jan.2) and then 1.3796 (76.4% of 1.3894-1.3477).
EUR/USD remains bid
The pair is extending its rally however, advancing for the third consecutive week after finding decent support around the 1.3500 handle and fully recovering from post-Coeure’s comments regarding negative deposit rates. Today’s price action would mainly hinge on the US docket and the FOMC minutes due in the European evening, ahead of tomorrow’s advance manufacturing/services PMI prints in the euro bloc. According to Camilla Sutton, Chief Strategist at Scotiabank, the short-term technicals remain on the bullish side. ”All technicals have shifted back into buy territory; the only warning on the charts is that the ADX at just 12 suggests there is no clear trend. Resistance lies at 1.3800”.
EUR/USD relevant levels
At the moment the pair is losing 0.07% at 1.3748 and a breach of 1.3695 (low Feb.18) would target 1.3685 (low Feb.17) en route to 1.3674 (low Feb.14). On the upside, the next resistance lines up at 1.3773 (high Feb.19) followed by 1.3777 (2014 high Jan.2) and then 1.3796 (76.4% of 1.3894-1.3477).