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17 Feb 2014
EUR/USD clings to 1.3700
FXStreet (Edinburgh) - The single currency is giving away initial gains against the greenback, taking the EUR/USD back to the key area of 1.3700 on Monday.
EUR/USD retreats from peaks
After hitting fresh 4-week highs beyond 1.3720, spot partially retraced the earlier advance and is now hovering over 1.3700 the figure amidst scarce volatility and thin trade. Empty docket in the euro area plus the inactivity in the US markets due to the President’s Day would leave the pair to the mercy of risk trends. In the opinion of analysts at BTMU, “We continue to expect the euro to remain relatively stable against the US dollar in the week ahead… The euro is also deriving support from the strengthening economic growth outlook in the euro-zone which should be supported further in the week ahead by the release of the latest PMI surveys for February”.
EUR/USD levels to watch
At the moment the pair is gaining 0.01% at 1.3698 facing the next resistance at 1.3716 (high Jan.27) followed by 1.3740 (high Jan.24) and finally 1.3776 (2014 highs Jan.2). Onthe flip side, a breakdown of 1.3608 (Kijun Sen line) would allow 1.3595 (daily cloud base) and then 1.3585 (low Feb.13).
EUR/USD retreats from peaks
After hitting fresh 4-week highs beyond 1.3720, spot partially retraced the earlier advance and is now hovering over 1.3700 the figure amidst scarce volatility and thin trade. Empty docket in the euro area plus the inactivity in the US markets due to the President’s Day would leave the pair to the mercy of risk trends. In the opinion of analysts at BTMU, “We continue to expect the euro to remain relatively stable against the US dollar in the week ahead… The euro is also deriving support from the strengthening economic growth outlook in the euro-zone which should be supported further in the week ahead by the release of the latest PMI surveys for February”.
EUR/USD levels to watch
At the moment the pair is gaining 0.01% at 1.3698 facing the next resistance at 1.3716 (high Jan.27) followed by 1.3740 (high Jan.24) and finally 1.3776 (2014 highs Jan.2). Onthe flip side, a breakdown of 1.3608 (Kijun Sen line) would allow 1.3595 (daily cloud base) and then 1.3585 (low Feb.13).