6 May 2014
EUR/USD deflates from highs
FXStreet (Edinburgh) - The shared currency is now easing from session peaks around 1.3950, taking the EUR/USD back to the 1.3935/30 region.
EUR/USD propped up by data, sentiment
The better tone around the risk appetite mainly allowed today’s sharp advance to the 1.3950 area, with auspicious results from services PMIs in the euro area also bolstering the bull run. Jane Foley, Senior Currency Strategist at Rabobank, commented, “Near-term, we expect that the EUR will retain its buoyancy. Although Draghi may attempt to talk the EUR lower this week, without strong policy action his words may not have any sustainable impact suggesting the market will retain is preference to buy EUR/USD on dips”.
EUR/USD relevant levels
At the moment the pair is up 0.37% at 1.3927 with the next hurdle at 1.3956 (high May 6) ahead of 1.3967 (2014 high Mar.13) and finally 1.4000 (psychological level). On the downside, a breach of 1.3873 (low May 6) would target 1.3865 (low May 5) en route to 1.3855 (10-d MA).
EUR/USD propped up by data, sentiment
The better tone around the risk appetite mainly allowed today’s sharp advance to the 1.3950 area, with auspicious results from services PMIs in the euro area also bolstering the bull run. Jane Foley, Senior Currency Strategist at Rabobank, commented, “Near-term, we expect that the EUR will retain its buoyancy. Although Draghi may attempt to talk the EUR lower this week, without strong policy action his words may not have any sustainable impact suggesting the market will retain is preference to buy EUR/USD on dips”.
EUR/USD relevant levels
At the moment the pair is up 0.37% at 1.3927 with the next hurdle at 1.3956 (high May 6) ahead of 1.3967 (2014 high Mar.13) and finally 1.4000 (psychological level). On the downside, a breach of 1.3873 (low May 6) would target 1.3865 (low May 5) en route to 1.3855 (10-d MA).