29 Jan 2014
EUR/USD through 1.3680
FXstreet.com (Edinburgh) - The EUR/USD is now picking up pace despite the mixed-to-soft data from the euro area, climbing beyond the 1.3680 level.
EUR/USD on better mood despite EMU data
Recent releases from the EMU showed the M3 Money Supply has decelerated during December, expanding at an annual pace of 1.0%, down from 1.5% and missing forecasts at 1.7%, while Private Loans contracted 2.3% on a yearly basis. Consumer Confidence in Italy dropped to 97.7 for the month of January and Spanish Retail Sales contracted 1.0% on a year to December. In light if today’s Fed statement, Senior Analyst Christin Tuxen at Danske Bank commented, “We expect the Fed to cut its monthly bond purchases by an additional USD10bn in connection with today’s meeting and hence stick to its unofficial plan for tapering”.
EUR/USD levels to consider
As of writing the pair is gaining 0.07% at 1.3680 with the next resistance at 1.3716 (high Jan.27) ahead of 1.3740 (high Jan.24) and finally 1.3776 (2014 high Jan.20). On the flip side, a break below 1.3615 (10-d MA) would open the door to 1.3564 (daily cloud base) and then 1.3530 (low Jan.23).
EUR/USD on better mood despite EMU data
Recent releases from the EMU showed the M3 Money Supply has decelerated during December, expanding at an annual pace of 1.0%, down from 1.5% and missing forecasts at 1.7%, while Private Loans contracted 2.3% on a yearly basis. Consumer Confidence in Italy dropped to 97.7 for the month of January and Spanish Retail Sales contracted 1.0% on a year to December. In light if today’s Fed statement, Senior Analyst Christin Tuxen at Danske Bank commented, “We expect the Fed to cut its monthly bond purchases by an additional USD10bn in connection with today’s meeting and hence stick to its unofficial plan for tapering”.
EUR/USD levels to consider
As of writing the pair is gaining 0.07% at 1.3680 with the next resistance at 1.3716 (high Jan.27) ahead of 1.3740 (high Jan.24) and finally 1.3776 (2014 high Jan.20). On the flip side, a break below 1.3615 (10-d MA) would open the door to 1.3564 (daily cloud base) and then 1.3530 (low Jan.23).