30 Dec 2013
EUR/USD peeps above 1.3800
FXstreet.com (Córdoba) - The EUR/USD extended its advance and pierced above the 1.3800 mark during the New York session as the greenback weakened on the back off disappointing US data.
US November pending home sales rose 0.2% well below the 1.0% gain expected, while YoY sales dropped 1.6%. The EUR/USD extended gains and reached a high of 1.3813 before pulling back slightly. At time of writing, the EUR/USD is trading at 1.3795, still up 0.3% on the day.
EUR/USD technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that current recovery clearly reflects where interests are "buying the greenback is not an option".
"The hourly chart presents a slightly bullish tone as per price advancing above 20 SMA and indicators heading north in positive territory, while the 4 hours chart shows also a positive technical tone, with a break above 1.3820 required to confirm more advances", says Bednarik. "Beware however, of possible pullbacks on profit taking by London close".
US November pending home sales rose 0.2% well below the 1.0% gain expected, while YoY sales dropped 1.6%. The EUR/USD extended gains and reached a high of 1.3813 before pulling back slightly. At time of writing, the EUR/USD is trading at 1.3795, still up 0.3% on the day.
EUR/USD technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that current recovery clearly reflects where interests are "buying the greenback is not an option".
"The hourly chart presents a slightly bullish tone as per price advancing above 20 SMA and indicators heading north in positive territory, while the 4 hours chart shows also a positive technical tone, with a break above 1.3820 required to confirm more advances", says Bednarik. "Beware however, of possible pullbacks on profit taking by London close".