14 Apr 2014
EUR/USD glued to 1.3820
FXStreet (Edinburgh) - The shared currency remains in the red territory on Monday, with the EUR/USD now trading in a narrow range around 1.3825/20.
EUR/USD looks to consolidate in the low 1.3800s
The demand for the EUR remains subdued at the beginning of the week, following the dovish appreciations by ECB’s M.Draghi over the weekend, leaving the door open for further monetary stimulus in case the EUR gathers more traction. “It remains to be seen if the ECB sustained dovish rhetoric will be effective in driving EURUSD materially lower in the coming days. We believe the market will demand a more tangible proof of the ECB’s willingness to back its words with action”, observed Shaun Osbone, Chief FX Strategist at TD Securities. Data wise, EMU’s Industrial Production surpassed estimates in February, expanding 0.2% inter-month.
EUR/USD levels to watch
As of writing, the pair is losing 0.43% at 1.3824 with the next support at 1.3808 (low Apr.14) ahead of 1.3806 (21-d MA) and finally 1.3780 (low Apr.9). On the upside, a breakout of 1.3863 (high Apr.14) would open the door to 1.3906 (high Apr.11) and then 1.3935 (high Mar.19).
EUR/USD looks to consolidate in the low 1.3800s
The demand for the EUR remains subdued at the beginning of the week, following the dovish appreciations by ECB’s M.Draghi over the weekend, leaving the door open for further monetary stimulus in case the EUR gathers more traction. “It remains to be seen if the ECB sustained dovish rhetoric will be effective in driving EURUSD materially lower in the coming days. We believe the market will demand a more tangible proof of the ECB’s willingness to back its words with action”, observed Shaun Osbone, Chief FX Strategist at TD Securities. Data wise, EMU’s Industrial Production surpassed estimates in February, expanding 0.2% inter-month.
EUR/USD levels to watch
As of writing, the pair is losing 0.43% at 1.3824 with the next support at 1.3808 (low Apr.14) ahead of 1.3806 (21-d MA) and finally 1.3780 (low Apr.9). On the upside, a breakout of 1.3863 (high Apr.14) would open the door to 1.3906 (high Apr.11) and then 1.3935 (high Mar.19).