30 May 2014
EUR/USD muted on US docket
FXStreet (Edinburgh) - The EUR kept the composure after the US data on Wednesday, now pushing the EUR/USD to the 1.3615/20 area.
EUR/USD keeps the trade above 1.3600
In a context of thin trade and narrow ranges, the EUR looks to consolidate above the 1.3600 mark. Speaking about the US releases, Personal Income rose 0.3% MoM and Personal Spending contracted 0.1% MoM in April. Furthermore, consumer prices gauged by the PCE gained 0.2% inter-month and 1.6% in a year to April. Next on tap will be the Reuters/Michigan index (82.5 exp. in May) ahead of speeches by Fed’s Lacker, Williams and Plosser. “We would not expect to see major moves on EURUSD until the meeting, with the pair retaining a downward bias”, suggested Shaun Osborne, Chief FX Strategist at Scotiabank.
EUR/USD key levels
At the moment the pair is up 0.11% at 1.3618 and a break above 1.3638 (high May 28) would open the door to 1.3644 (200-d MA) and finally 1.3655 (Tenkan Sen). On the downside, the immediate support aligns at 1.3586 (low May 29) followed by 1.3585 (low Feb.13) and then 1.3563 (low Feb.12).
EUR/USD keeps the trade above 1.3600
In a context of thin trade and narrow ranges, the EUR looks to consolidate above the 1.3600 mark. Speaking about the US releases, Personal Income rose 0.3% MoM and Personal Spending contracted 0.1% MoM in April. Furthermore, consumer prices gauged by the PCE gained 0.2% inter-month and 1.6% in a year to April. Next on tap will be the Reuters/Michigan index (82.5 exp. in May) ahead of speeches by Fed’s Lacker, Williams and Plosser. “We would not expect to see major moves on EURUSD until the meeting, with the pair retaining a downward bias”, suggested Shaun Osborne, Chief FX Strategist at Scotiabank.
EUR/USD key levels
At the moment the pair is up 0.11% at 1.3618 and a break above 1.3638 (high May 28) would open the door to 1.3644 (200-d MA) and finally 1.3655 (Tenkan Sen). On the downside, the immediate support aligns at 1.3586 (low May 29) followed by 1.3585 (low Feb.13) and then 1.3563 (low Feb.12).