20 Mar 2014
EUR/USD boring, flat-lining around 1.3770
FXStreet (Edinburgh) - The EUR/USD is drawing a flat-line around the 1.3770/80 region on Thursday, as the US session is drawing to a close.
EUR/USD focus on EMU’s Consumer Confidence
Moving forward to Friday’s docket, the preliminary figures for March’s Consumer Confidence in the euro area would be in the limelight, with consensus expecting an improvement to -12.4 from -12.7. In addition, market participants would also pay attention to the events coming from the European Council meeting. “Fed policy with an increased risk of an interest rate hike in Q22015 juxtaposed against a dovish ECB is an explicitly EUR negative development; however we already hold a bearish outlook for EUR, calling for a year-end target of 1.30 and accordingly have made no change to our forecast”, commented Camilla Sutton, Chief FX Strategist at Scotiabank.
EUR/USD key levels
The pair is now retreating 0.40% at 1.3777 and a breakdown of 1.3720 (low Mar.6) would aim for 1.3707 (low ar.5) and finally 1.3694 (low Feb.28). On the flip side, the initial resistance aligns at 1.3845 (high Mar.20) ahead of 1.3882 (10-d MA) and then 1.3935 (high Mar.19).
EUR/USD focus on EMU’s Consumer Confidence
Moving forward to Friday’s docket, the preliminary figures for March’s Consumer Confidence in the euro area would be in the limelight, with consensus expecting an improvement to -12.4 from -12.7. In addition, market participants would also pay attention to the events coming from the European Council meeting. “Fed policy with an increased risk of an interest rate hike in Q22015 juxtaposed against a dovish ECB is an explicitly EUR negative development; however we already hold a bearish outlook for EUR, calling for a year-end target of 1.30 and accordingly have made no change to our forecast”, commented Camilla Sutton, Chief FX Strategist at Scotiabank.
EUR/USD key levels
The pair is now retreating 0.40% at 1.3777 and a breakdown of 1.3720 (low Mar.6) would aim for 1.3707 (low ar.5) and finally 1.3694 (low Feb.28). On the flip side, the initial resistance aligns at 1.3845 (high Mar.20) ahead of 1.3882 (10-d MA) and then 1.3935 (high Mar.19).