30 Jan 2014
EUR/USD on its way to 1.3600?
FXstreet.com (Edinburgh) - The shared currency is rapidly losing the grip on Thursday, dragging the EUR/USD to fresh session lows in the vicinity of 1.3600 the figure.
EUR/USD weaker on risk-off trade
The risk aversion seems to be picking up pace at the moment, intensifying the demand for the US dollar and weighing on spot. In the data front, the Spanish economy expanded at 0.4% inter-quarter and contracted 0.1% on a yearly basis (estimated), both numbers meeting expectations. German unemployment rate is due next, expected to remain at 6.9%. According to Camilla Sutton, Chief FX Strategist at Scotiabank, “short-term technical remain mixed but we continue to favour short EUR positions”.
EUR/USD levels to consider
As of writing the pair is losing 0.28% at 1.3616 and a breakdown of 1.3603 (low Jan.29) would open the door to 1.3594 (100-d MA) and then 1.3564 (daily cloud base). On the upside, the initial barrier lies at 1.3685 (high Jan.29) ahead of 1.3689 (high Jan.28) and finally 1.3716 (high Jan.27).
EUR/USD weaker on risk-off trade
The risk aversion seems to be picking up pace at the moment, intensifying the demand for the US dollar and weighing on spot. In the data front, the Spanish economy expanded at 0.4% inter-quarter and contracted 0.1% on a yearly basis (estimated), both numbers meeting expectations. German unemployment rate is due next, expected to remain at 6.9%. According to Camilla Sutton, Chief FX Strategist at Scotiabank, “short-term technical remain mixed but we continue to favour short EUR positions”.
EUR/USD levels to consider
As of writing the pair is losing 0.28% at 1.3616 and a breakdown of 1.3603 (low Jan.29) would open the door to 1.3594 (100-d MA) and then 1.3564 (daily cloud base). On the upside, the initial barrier lies at 1.3685 (high Jan.29) ahead of 1.3689 (high Jan.28) and finally 1.3716 (high Jan.27).