25 Jun 2014
EUR/USD climbs to 1.3650 post-US data
FXStreet (Edinburgh) - The single currency is now accelerating its bull run, lifting the EUR/USD to session highs in the boundaries of 1.3650.
EUR/USD stronger after US data
Spot gained ground after poor data from the US economy dragged the greenback lower. In fact, the second revision of the Annualized GDP showed a deeper-than-expected contraction of 2.9% for the first quarter vs. forecasts for a 1.7% drop. Further data showed Durable Goods Orders following suit, down 1.0% on a monthly basis in May (-0.1% ex-Transportation). Next on tap will be the Services and Composite PMI gauged by Markit for the month of June. “We expect EUR to be bounded with a range in the near-term… Support lies at 1.3580 and resistances comes in at the recent high of 1.3644”, observed Camilla Sutton, Chief FX Strategist at Scotiabank.
EUR/USD key levels
The pair is now advancing 0.28% en 1.3645 with the next resistance at 1.3669 (high Jun.9) ahead of 1.3672 (200-d MA) and finally 1.3677 (high Jun.6). On the downside, a breach of 1.3583 (low Jun.24) would target 1.3574 (low Jun.23) en route to 1.3565 (low Jun.20).
EUR/USD stronger after US data
Spot gained ground after poor data from the US economy dragged the greenback lower. In fact, the second revision of the Annualized GDP showed a deeper-than-expected contraction of 2.9% for the first quarter vs. forecasts for a 1.7% drop. Further data showed Durable Goods Orders following suit, down 1.0% on a monthly basis in May (-0.1% ex-Transportation). Next on tap will be the Services and Composite PMI gauged by Markit for the month of June. “We expect EUR to be bounded with a range in the near-term… Support lies at 1.3580 and resistances comes in at the recent high of 1.3644”, observed Camilla Sutton, Chief FX Strategist at Scotiabank.
EUR/USD key levels
The pair is now advancing 0.28% en 1.3645 with the next resistance at 1.3669 (high Jun.9) ahead of 1.3672 (200-d MA) and finally 1.3677 (high Jun.6). On the downside, a breach of 1.3583 (low Jun.24) would target 1.3574 (low Jun.23) en route to 1.3565 (low Jun.20).