11 Apr 2014
EUR/USD ends near 1.3900. Mission accomplished.
FXStreet (Edinburgh) - The EUR/USD keeps the upper band of the weekly range, closing the week around 1.3900 the figure.
EUR/USD focus on EMU’s CPI
The next big risk event for the EUR would be the release of the final inflation figures in the euro bloc in the upcoming week, with consensus expecting consumer prices to have expanded at an annual pace of 0.8% during March. Absent geopolitical tensions over the weekend and banning downside surprises from the Chinese GDP on Wednesday, spot would look well poised for a test of the psychological barrier at 1.4000 in the very near term. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, the pair’s short term technicals are mixed “but increasingly bullish as EUR takes a run at 1.40. The MACD supports an upside move and the 9-day is flirting with a break above the 21-day MA”.
EUR/USD levels to watch
As of writing the pair is advancing 0.02% at 1.3890 with the next resistance at 1.3906 (high Apr.11) ahead of 1.3935 (high Mar.19) and 1.3967 (2014 high Mar.13). On the flip side, a breakdown of 1.3864 (low Apr.11) would target 1.3836 (low Apr.10) en route to 1.3812 (21-d MA).
EUR/USD focus on EMU’s CPI
The next big risk event for the EUR would be the release of the final inflation figures in the euro bloc in the upcoming week, with consensus expecting consumer prices to have expanded at an annual pace of 0.8% during March. Absent geopolitical tensions over the weekend and banning downside surprises from the Chinese GDP on Wednesday, spot would look well poised for a test of the psychological barrier at 1.4000 in the very near term. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, the pair’s short term technicals are mixed “but increasingly bullish as EUR takes a run at 1.40. The MACD supports an upside move and the 9-day is flirting with a break above the 21-day MA”.
EUR/USD levels to watch
As of writing the pair is advancing 0.02% at 1.3890 with the next resistance at 1.3906 (high Apr.11) ahead of 1.3935 (high Mar.19) and 1.3967 (2014 high Mar.13). On the flip side, a breakdown of 1.3864 (low Apr.11) would target 1.3836 (low Apr.10) en route to 1.3812 (21-d MA).