8 May 2014
EUR/USD testing 2014 highs on ECB
FXStreet (Edinburgh) - The buying interest is now building up around the euro after the ECB left its benchmark rate unchanged, lifting the EUR/USD just above the 1.3960 level.
EUR/USD gearing up for 1.4000?
Despite the current upbeat momentum, traders remain cautious amidst consensus for quite a dovish tone in the subsequent press conference by President Mario Draghi. “Our view is to be inclined to see EURUSD trade higher after unchanged rates and into the statement, followed by a move lower during the Q&A, but there is a very wide margin of uncertainty over the tone of the press conference this month”, commented Shaun Osborne, Chief FX Strategist at TD Securities.
EUR/USD levels to watch
At the moment the pair is up 0.29% at 1.3950 with the next resistance at 1.3967 (2014 high Mar.13) ahead of 1.4000 (psychological level) and then 1.4100 (psychological level). On the flip side, a breakdown of 1.3905 (low May 8) would open the door to 1.3874 (10-d MA) and then 1.3865 (low May 5).
EUR/USD gearing up for 1.4000?
Despite the current upbeat momentum, traders remain cautious amidst consensus for quite a dovish tone in the subsequent press conference by President Mario Draghi. “Our view is to be inclined to see EURUSD trade higher after unchanged rates and into the statement, followed by a move lower during the Q&A, but there is a very wide margin of uncertainty over the tone of the press conference this month”, commented Shaun Osborne, Chief FX Strategist at TD Securities.
EUR/USD levels to watch
At the moment the pair is up 0.29% at 1.3950 with the next resistance at 1.3967 (2014 high Mar.13) ahead of 1.4000 (psychological level) and then 1.4100 (psychological level). On the flip side, a breakdown of 1.3905 (low May 8) would open the door to 1.3874 (10-d MA) and then 1.3865 (low May 5).