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15 May 2014
EUR/USD finds resistance at 1.3730 and retreats
FXStreet (Córdoba) - The EUR/USD rose further during the American session and printed a fresh daily high at 1.3732, reaching the strongest level in two days. But the 1.3730 area offered resistance, the Euro lost momentum and fell approaching 1.3700.
EUR/USD will it close above or below 1.3700?
Currently trades at 1.3706, around the same price it had at the beginning of the day and also around Tuesday’s closing price. For the third day in a row the EUR/USD traded momentarily below 1.3700 but once again was rejected. The US dollar failed to close under the mentioned level, that is becoming a relevant price zone.
EUR/USD affected by Euro weakness but…
According to Brian Martin, Senior European Strategist at ANZ the weakness in in the Euro could persist for a while but notes that fundamentals argue for the currency to remain strong. “It's feasible therefore that the euro may test a bit lower given current monetary policy and political uncertainty. But at this stage we feel that the very strong fundamentals argue against a more meaningful reversal”.
EUR/USD will it close above or below 1.3700?
Currently trades at 1.3706, around the same price it had at the beginning of the day and also around Tuesday’s closing price. For the third day in a row the EUR/USD traded momentarily below 1.3700 but once again was rejected. The US dollar failed to close under the mentioned level, that is becoming a relevant price zone.
EUR/USD affected by Euro weakness but…
According to Brian Martin, Senior European Strategist at ANZ the weakness in in the Euro could persist for a while but notes that fundamentals argue for the currency to remain strong. “It's feasible therefore that the euro may test a bit lower given current monetary policy and political uncertainty. But at this stage we feel that the very strong fundamentals argue against a more meaningful reversal”.