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11 Mar 2014
EUR/USD resilient near 1.3870
FXStreet (Edinburgh) - The single currency is posting marginal losses at the end of the US session on Tuesday, with the EUR/USD hovering over 1.3870/65.
EUR/USD bounces off 1.3830
Increasing risk-off sentiment dragged spot to the vicinity of 1.3830, printing at the same time fresh weekly lows, although it later managed to pick up pace and recover the top band of the range near 1.3880. Wednesday’s docket in the euro area will bring in Spanish consumer prices followed by EMU’s Industrial Production during January (0.5% MoM exp.). Camilla Sutton, Chief FX Strategist at Scotiabank, said short-term technicals remain on the bullish side, adding “all indicators are suggestive of upside, however Monday’s doji candle highlighted risk and the current decline has broken below Friday’s open. Near term support is expected at 1.3820, followed by 1.3750”.
EUR/USD levels to consider
The pair is now losing 0.10% at 1.3863 with the immediate support at 1.3811 (23.6% of 1.3477-1.3915) ahead of 1.3800 (psychological level) and finally 1.3748 (38.2% of 1.3477-1.3915). On the upside, a breakout of 1.3897 (high Mar.10) would expose 1.3915 (2014 high Mar.7) and then 1.4000 (psychological level).
EUR/USD bounces off 1.3830
Increasing risk-off sentiment dragged spot to the vicinity of 1.3830, printing at the same time fresh weekly lows, although it later managed to pick up pace and recover the top band of the range near 1.3880. Wednesday’s docket in the euro area will bring in Spanish consumer prices followed by EMU’s Industrial Production during January (0.5% MoM exp.). Camilla Sutton, Chief FX Strategist at Scotiabank, said short-term technicals remain on the bullish side, adding “all indicators are suggestive of upside, however Monday’s doji candle highlighted risk and the current decline has broken below Friday’s open. Near term support is expected at 1.3820, followed by 1.3750”.
EUR/USD levels to consider
The pair is now losing 0.10% at 1.3863 with the immediate support at 1.3811 (23.6% of 1.3477-1.3915) ahead of 1.3800 (psychological level) and finally 1.3748 (38.2% of 1.3477-1.3915). On the upside, a breakout of 1.3897 (high Mar.10) would expose 1.3915 (2014 high Mar.7) and then 1.4000 (psychological level).