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20 May 2014
EUR/USD toying with 1.3700
FXStreet (Edinburgh) - After dipping to sub-1.3680 levels, the EUR/USD is now looking to regain the 1.3700 handle amidst a clear selling background.
EUR/USD softer, resilient
Spot is now bouncing off weekly lows and is trying to stabilize around the 1.3700 area following promises of further monetary easing by the ECB to be most likely announced at its next meeting on June 5th. Next risk event for the EUR would be tomorrow’s FOMC minutes ahead of PMIs from the euro area due on Thursday. “With the market in a profit-taking mode in periphery assets, a weaker PMI data release this week may feed weaker EUR sentiment”, added Greg Gibbs, FX Trading Strategist at RBS.
EUR/USD levels to consider
The pair is now losing 0.06% at 1.3699 and a breakdown of 1.3648 (low May 15) would open the door to 1.3643 (low Feb.27) and then 1.3585 (low Feb. 13). On the upside, the initial hurdle aligns at 1.3714 (high May 20) ahead of 1.3734 (high May 19) and finally 1.3739 (100-d MA).
EUR/USD softer, resilient
Spot is now bouncing off weekly lows and is trying to stabilize around the 1.3700 area following promises of further monetary easing by the ECB to be most likely announced at its next meeting on June 5th. Next risk event for the EUR would be tomorrow’s FOMC minutes ahead of PMIs from the euro area due on Thursday. “With the market in a profit-taking mode in periphery assets, a weaker PMI data release this week may feed weaker EUR sentiment”, added Greg Gibbs, FX Trading Strategist at RBS.
EUR/USD levels to consider
The pair is now losing 0.06% at 1.3699 and a breakdown of 1.3648 (low May 15) would open the door to 1.3643 (low Feb.27) and then 1.3585 (low Feb. 13). On the upside, the initial hurdle aligns at 1.3714 (high May 20) ahead of 1.3734 (high May 19) and finally 1.3739 (100-d MA).