5 Mar 2014
EUR/USD muted at 1.3730
FXStreet (Edinburgh) - The shared currency trades indifferent to the Fed’s Beige Book on Wednesday, with the EUR/USD keeping the 1.3730/35 area.
EUR/USD flat on Beige Book, ECB looms
The pair’s price action remains anemic after the Beige Book informed the US economy expanded in most districts, despite the miserable weather affecting hiring and sales. In addition, the Beige Book said the optimistic outlook prevailed amongst districts. In light of the ECB gathering, Camilla Sutton, Chief FX Strategist at Scotiabank suggested “EUR is likely to be supported by an ECB who maintains a similar tone to February”, adding at the same time that the short-term technicals are bullish. Apart from the ECB monthly meeting, German/US Factory Orders and Initial Claims would also be in the limelight along with Fedspeak.
EUR/USD important levels
The pair is now losing 0.01% at 1.3737 and a breakdown of 1.3694 (low Feb.28) would open the door to 1.3693 (21-d MA) and then 1.3663 (daily cloud top). On the upside, the next target aligns at 1.3793 (
EUR/USD flat on Beige Book, ECB looms
The pair’s price action remains anemic after the Beige Book informed the US economy expanded in most districts, despite the miserable weather affecting hiring and sales. In addition, the Beige Book said the optimistic outlook prevailed amongst districts. In light of the ECB gathering, Camilla Sutton, Chief FX Strategist at Scotiabank suggested “EUR is likely to be supported by an ECB who maintains a similar tone to February”, adding at the same time that the short-term technicals are bullish. Apart from the ECB monthly meeting, German/US Factory Orders and Initial Claims would also be in the limelight along with Fedspeak.
EUR/USD important levels
The pair is now losing 0.01% at 1.3737 and a breakdown of 1.3694 (low Feb.28) would open the door to 1.3693 (21-d MA) and then 1.3663 (daily cloud top). On the upside, the next target aligns at 1.3793 (