23 Apr 2014
EUR/USD glued to 1.3800
FXStreet (Edinburgh) - The EUR/USD is entering the last part of the US session trading almost unchanged around 1.3810/15 on Wednesday.
EUR/USD resilient above 1.3800
Despite upbeat prints from today’s German and EMU PMIs, spot could not sustain the bull intent beyond 1.3850, retracing the spike to the current 1.3820/15 region. Amidst the prevailing lack of direction, the EUR continues to exhibit its already typical resilience around the 1.3800 level, as we get closer to the critical release of April’s CPI figures in the euro bloc (April 30th). In the opinion of Eric Theoret, Currency Strategist at Scotiabank, “the short term technicals are mixed, momentum indicators are close to neutral and near term support appears to have been found at the 50 day MA (1.3795). Near term resistance is expected at 1.3865”. Moving forward to tomorrow’s docket, the German IFO will be in the limelight ahead of Draghi’s speech; across the pond, Durable Goods Orders and the weekly report on the labour market will gran all the attention.
EUR/USD levels to watch
At the moment the pair is up 0.07% at 1.3815 with the next hurdle at 1.3855 (high Apr.23) followed by 1.3865 (high Apr.17) and then 1.3906 (high Apr.11). On the downside, a break below 1.3798 (low Apr.23) would open the door to 1.3785 (low Apr.22) and then 1.3780 (low Apr.9).
EUR/USD resilient above 1.3800
Despite upbeat prints from today’s German and EMU PMIs, spot could not sustain the bull intent beyond 1.3850, retracing the spike to the current 1.3820/15 region. Amidst the prevailing lack of direction, the EUR continues to exhibit its already typical resilience around the 1.3800 level, as we get closer to the critical release of April’s CPI figures in the euro bloc (April 30th). In the opinion of Eric Theoret, Currency Strategist at Scotiabank, “the short term technicals are mixed, momentum indicators are close to neutral and near term support appears to have been found at the 50 day MA (1.3795). Near term resistance is expected at 1.3865”. Moving forward to tomorrow’s docket, the German IFO will be in the limelight ahead of Draghi’s speech; across the pond, Durable Goods Orders and the weekly report on the labour market will gran all the attention.
EUR/USD levels to watch
At the moment the pair is up 0.07% at 1.3815 with the next hurdle at 1.3855 (high Apr.23) followed by 1.3865 (high Apr.17) and then 1.3906 (high Apr.11). On the downside, a break below 1.3798 (low Apr.23) would open the door to 1.3785 (low Apr.22) and then 1.3780 (low Apr.9).