13 May 2014
EUR/USD keeps the trade near 1.3700
FXStreet (Edinburgh) - The offered tone is not giving up on the shared currency on Tuesday, pushing the EUR/USD back to the vicinity of 1.3700 the figure.
EUR/USD buyers wanted
Buyers remain absent at the beginning of the week, extending the deep ECB-induced pullback to the boundaries of the 1.3700 handle. Poor results from the ZEW Survey and comments from the Bundesbank leaving the door open for further stimulus (including QE, a rate cut and negative rates) have also added to the selling mood. “Potential for a sound break of 1.4000-30 has been put on hold. A close above 1.3890 may reduce the current shift towards downside pressures, but a close above 1.4030 is needed to rekindle hopes of moves towards 1.4160-1.4200”, commented Tim Riddell, Head of Global Markets Research at ANZ.
EUR/USD levels to consider
As of writing the pair is losing 0.40% at 1.3702 and a breakdown of 1.3700 (psychological level) would target 1.3672 (low Apr.4) en route to 1.3643 (low Feb.27). On the upside, the immediate hurdle lines up at 1.3775 (high May 12) ahead of 1.3783 (daily cloud top) and finally 1.3820 (21-d MA).
EUR/USD buyers wanted
Buyers remain absent at the beginning of the week, extending the deep ECB-induced pullback to the boundaries of the 1.3700 handle. Poor results from the ZEW Survey and comments from the Bundesbank leaving the door open for further stimulus (including QE, a rate cut and negative rates) have also added to the selling mood. “Potential for a sound break of 1.4000-30 has been put on hold. A close above 1.3890 may reduce the current shift towards downside pressures, but a close above 1.4030 is needed to rekindle hopes of moves towards 1.4160-1.4200”, commented Tim Riddell, Head of Global Markets Research at ANZ.
EUR/USD levels to consider
As of writing the pair is losing 0.40% at 1.3702 and a breakdown of 1.3700 (psychological level) would target 1.3672 (low Apr.4) en route to 1.3643 (low Feb.27). On the upside, the immediate hurdle lines up at 1.3775 (high May 12) ahead of 1.3783 (daily cloud top) and finally 1.3820 (21-d MA).