29 May 2014
EUR/USD it’s alive! in highs at 1.3620
FXStreet (Edinburgh) - The single currency is rebounding sharply from the 1.3590 area on Thursday, pushing the EUR/USD to print session highs beyond 1.3620.
EUR/USD retakes 1.3600
The par not only managed to regain the 1.3600 handle but it is also posting intraday tops above 1.3620 following a bout of selling interest around the greenback and month-end flows. Nothing of note in the data front, with the Spanish GDP expenading 0.4% inter-quarter in Q1 and 0.5% on a yearly basis. Next on tap will be US Q1 GDP figures, followed by Initial Claims and Pending Home Sales. “EUR finally broke below the support at 1.3610/15 reaching a low of 1.3587. The modest recovery so far suggests further down-move is likely for today. Expect any further rebound to stay below 1.3635 for another leg lower towards 1.3570”, observed Quek Ser Leang, Market Strategist at UOB Group.
EUR/USD levels to watch
The pair is now up 0.18% at 1.3617 and a break above 1.3638 (high May 28) would open the door to 1.3643 (200-d MA) and finally 1.3669 (high May 27). On the downside, the immediate support aligns at 1.3585 (low Feb.13) ahead of 1.3563 (low Feb.12) and then 1.3552 (low Feb.7).
EUR/USD retakes 1.3600
The par not only managed to regain the 1.3600 handle but it is also posting intraday tops above 1.3620 following a bout of selling interest around the greenback and month-end flows. Nothing of note in the data front, with the Spanish GDP expenading 0.4% inter-quarter in Q1 and 0.5% on a yearly basis. Next on tap will be US Q1 GDP figures, followed by Initial Claims and Pending Home Sales. “EUR finally broke below the support at 1.3610/15 reaching a low of 1.3587. The modest recovery so far suggests further down-move is likely for today. Expect any further rebound to stay below 1.3635 for another leg lower towards 1.3570”, observed Quek Ser Leang, Market Strategist at UOB Group.
EUR/USD levels to watch
The pair is now up 0.18% at 1.3617 and a break above 1.3638 (high May 28) would open the door to 1.3643 (200-d MA) and finally 1.3669 (high May 27). On the downside, the immediate support aligns at 1.3585 (low Feb.13) ahead of 1.3563 (low Feb.12) and then 1.3552 (low Feb.7).