13 Feb 2014
EUR/USD testing 1.3680 and beyond
FXStreet (Edinburgh) - The shared currency is now rapidly appreciating against the greenback, pushing the EUR/USD back to the 1.3680 area, fully retracing Wednesday’s sell-off.
EUR/USD challenges weekly highs
The pair is now well positioned to challenge weekly highs beyond 1.3680 (Tuesday) ahead of the US Retail Sales due later, where market consensus expects a flat headline reading inter-month and a small 0.1% MoM gain for the core reading (vs. 0.7% previous). “We still rather think the salient features of the longer term chart is the major trend resistance off the 2008 high (1.3871) and the market’s obvious struggles to push and hold above 1.37/1.38. We prefer to look for opportunities to sell”, suggested Shaun Osborne, Chief Strategist at TD Securities.
EUR/USD levels to watch
The pair is now advancing 0.62% at 1.3677 and a breakout of 1.3685 (high Jan.29) would target 1.3689 (high Jan.28) en route to 1.3716 (high Jan.27). On the downside, the initial support is parked at 1.3572 (10-d MA) followed by 1.3563 (low Feb.12) and finally 1.3552 (low Feb.7).
EUR/USD challenges weekly highs
The pair is now well positioned to challenge weekly highs beyond 1.3680 (Tuesday) ahead of the US Retail Sales due later, where market consensus expects a flat headline reading inter-month and a small 0.1% MoM gain for the core reading (vs. 0.7% previous). “We still rather think the salient features of the longer term chart is the major trend resistance off the 2008 high (1.3871) and the market’s obvious struggles to push and hold above 1.37/1.38. We prefer to look for opportunities to sell”, suggested Shaun Osborne, Chief Strategist at TD Securities.
EUR/USD levels to watch
The pair is now advancing 0.62% at 1.3677 and a breakout of 1.3685 (high Jan.29) would target 1.3689 (high Jan.28) en route to 1.3716 (high Jan.27). On the downside, the initial support is parked at 1.3572 (10-d MA) followed by 1.3563 (low Feb.12) and finally 1.3552 (low Feb.7).