28 May 2014
EUR/USD breaks below 1.3600
FXStreet (Edinburgh) - The EUR keeps falling on Wednesday, pushing the EUR/USD to breach the critical 1.3600 support for the first time since mid-February.
EUR/USD clinging to 1.3600
The single currency remains submerged in the red territory, accelerating the downside amidst an increasing bid tone of the US dollar. In the data front, softer credit figures in the EMU plus disappointing labour market results in Germany collaborated with the current descent. “The focus for traders is the upcoming June 3rd release of flash CPI followed by the ECB meeting on June 5th… Assuming there is no surprise in the flash CPI release we expect the ECB to cut rates into negative territory with the potential of a targeted measure to help alleviate credit constraints”, assessed Camilla Sutton, Chief FX Strategist at Scotiabank.
EUR/USD relevant levels
As of writing the pair is losing 0.27% at 1.3596 with the next support at 1.3585 (low Feb.13) ahead of 1.3563 (low Feb.12) and finally 1.3552 9low Feb.7). On the upside, a break above 1.3638 (high May 28) would open the door to 1.3669 (high May 27) and then 1.3672 (Tenkan Sen).
EUR/USD clinging to 1.3600
The single currency remains submerged in the red territory, accelerating the downside amidst an increasing bid tone of the US dollar. In the data front, softer credit figures in the EMU plus disappointing labour market results in Germany collaborated with the current descent. “The focus for traders is the upcoming June 3rd release of flash CPI followed by the ECB meeting on June 5th… Assuming there is no surprise in the flash CPI release we expect the ECB to cut rates into negative territory with the potential of a targeted measure to help alleviate credit constraints”, assessed Camilla Sutton, Chief FX Strategist at Scotiabank.
EUR/USD relevant levels
As of writing the pair is losing 0.27% at 1.3596 with the next support at 1.3585 (low Feb.13) ahead of 1.3563 (low Feb.12) and finally 1.3552 9low Feb.7). On the upside, a break above 1.3638 (high May 28) would open the door to 1.3669 (high May 27) and then 1.3672 (Tenkan Sen).