8 Apr 2014
EUR/USD off highs, back to 1.3790
FXStreet (Edinburgh) - After hitting weekly highs near 1.3810 the EUR upside seems to be taking a breather, dragging the EUR/USD to the 1.3790/85 area.
EUR/USD regained 1.3800
While the likeliness of the implementation of some sort of QE by the ECB is slowly diminishing, spot has been gathering traction and managed to retake the 1.3800 mark on Tuesday. A combination of ECB officials ‘talking down’ the concept of QE in the euro area plus better risk sentiment post-ECB/NFP would be behind the current upside. “The Fed Minutes tomorrow might reignite the trek higher in UST yields, helping EURUSD to resume its path lower. However, until we cross that bridge, today we might be in for a day of range-trading in the 1.3755/75 area”, commented Shaun Osborne, Chief FX Strategist at TD Securities.
EUR/USD relevant levels
At the moment the pair is advancing 0.43% at 1.3801 with the immediate resistance at 1.3810 (21-d MA) followed by 1.3820 (high Apr.2) and finally 1.3827 (high Mar.26). On the flip side, a breakdown of 1.3699 (21-w MA) would aim for 1.3695 (100-d MA) and then 1.3692 (daily cloud top).
EUR/USD regained 1.3800
While the likeliness of the implementation of some sort of QE by the ECB is slowly diminishing, spot has been gathering traction and managed to retake the 1.3800 mark on Tuesday. A combination of ECB officials ‘talking down’ the concept of QE in the euro area plus better risk sentiment post-ECB/NFP would be behind the current upside. “The Fed Minutes tomorrow might reignite the trek higher in UST yields, helping EURUSD to resume its path lower. However, until we cross that bridge, today we might be in for a day of range-trading in the 1.3755/75 area”, commented Shaun Osborne, Chief FX Strategist at TD Securities.
EUR/USD relevant levels
At the moment the pair is advancing 0.43% at 1.3801 with the immediate resistance at 1.3810 (21-d MA) followed by 1.3820 (high Apr.2) and finally 1.3827 (high Mar.26). On the flip side, a breakdown of 1.3699 (21-w MA) would aim for 1.3695 (100-d MA) and then 1.3692 (daily cloud top).