10 Apr 2014
EUR/USD capped by 1.3880
FXStreet (Edinburgh) - The single currency keeps the trade in the upper band of the weekly range, with the EUR/USD meandering below the 1.3880 level so far.
EUR/USD testing 3-week highs
Spot is challenging 3-week tops in the 1.3870-80 band, extending its bullish momentum after bottoming out around 1.3680 post-FOMC meeting. There are no relevant data today although German final CPI figures for the month of March will be released tomorrow. “Looking ahead, we expect the EUR to retain its resilient tone, even though there is a risk that the ECB will act again on policy to stave off deflationary risks… Going forward we expect that the EUR will remain reluctant to yield ground either to GBP or the USD”, noted Jane Foley, Senior Currency Strategist at Rabobank.
EUR/USD levels to watch
As of writing the pair is up0.07% at 1.3865 with the next resistance at 1.3867 (61.8% of 1.3967-1.3704) ahead of 1.3900 (psychological level) and finally 1.3966 (highe 2014 Mar.13). On the downside, a breach of 1.3780 (low Apr.9) would open the door to 1.3759 (10-d MA) and then 1.3738 (low Apr.8).
EUR/USD testing 3-week highs
Spot is challenging 3-week tops in the 1.3870-80 band, extending its bullish momentum after bottoming out around 1.3680 post-FOMC meeting. There are no relevant data today although German final CPI figures for the month of March will be released tomorrow. “Looking ahead, we expect the EUR to retain its resilient tone, even though there is a risk that the ECB will act again on policy to stave off deflationary risks… Going forward we expect that the EUR will remain reluctant to yield ground either to GBP or the USD”, noted Jane Foley, Senior Currency Strategist at Rabobank.
EUR/USD levels to watch
As of writing the pair is up0.07% at 1.3865 with the next resistance at 1.3867 (61.8% of 1.3967-1.3704) ahead of 1.3900 (psychological level) and finally 1.3966 (highe 2014 Mar.13). On the downside, a breach of 1.3780 (low Apr.9) would open the door to 1.3759 (10-d MA) and then 1.3738 (low Apr.8).