20 Jun 2014
EUR/USD range trading near term
FXStreet (Guatemala) - EUR/USD is trading at 1.3584, down -0.17% on the day, having posted a daily high at 1.3635 and low at 1.3564.
Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that the fundamental data was limited but did include a widening in the Eurozone current account surplus to 21.5bn and a softening in PPI in Germany. “In the near‐term EUR is likely to be comfortable trading within its recent 1.3503 to 1.3690 range. In the medium term we expect EUR to soften, closing the year at 1.30. EUR/USD short‐term technicals: mixed, suggesting that EUR is vulnerable to range trading in the near‐term”.
EUR/USD Levels
With spot trading at 1.3585, we can see next resistance ahead at 1.3599 (Hourly 20 EMA), 1.3607 (Weekly High), 1.3608 (Daily Open), 1.3609 (Daily 20 SMA) and 1.3611 (Daily Classic PP). Support below can be found at 1.3584 (Yesterday's Low), 1.3581 (Hourly 100 SMA), 1.3579 (Daily Classic S1), 1.3574 (Weekly Classic PP) and 1.3564 (Daily Low).
Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that the fundamental data was limited but did include a widening in the Eurozone current account surplus to 21.5bn and a softening in PPI in Germany. “In the near‐term EUR is likely to be comfortable trading within its recent 1.3503 to 1.3690 range. In the medium term we expect EUR to soften, closing the year at 1.30. EUR/USD short‐term technicals: mixed, suggesting that EUR is vulnerable to range trading in the near‐term”.
EUR/USD Levels
With spot trading at 1.3585, we can see next resistance ahead at 1.3599 (Hourly 20 EMA), 1.3607 (Weekly High), 1.3608 (Daily Open), 1.3609 (Daily 20 SMA) and 1.3611 (Daily Classic PP). Support below can be found at 1.3584 (Yesterday's Low), 1.3581 (Hourly 100 SMA), 1.3579 (Daily Classic S1), 1.3574 (Weekly Classic PP) and 1.3564 (Daily Low).