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5 Mar 2014
EUR/USD extends the bounce to 1.3750
FXStreet (Edinburgh) - After bottoming out in sub-1.3710 levels, the EUR/USD managed to pick up pace and recover the region just ahead of 1.3750.
EUR/USD keeps the range, eyes on ECB
Spot is now wobbling between gains and losses after the bullish attempt seems to have run out of legs in the vicinity of 1.3750. Positive day in Euroland data-wise, with services PMIs, EMU’s GDP and retail sales all in line-above estimates, although the selling pressure prevailed, extending the correction lower from last week’s peaks above 1.3800 the figure. According to Analyst Christin Tuxen at Danske Bank, “in the absence of further escalation of events in Crimea, currency markets will start to zoom in on the key ECB meeting tomorrow. With some ECB easing already priced in it will be a disappointment (risk of EUR upside) if Draghi does not deliver something”.
EUR/USD important levels
The pair is now losing 0.04% at 1.3734 and a breakdown of 1.3694 (low Feb.28) would open the door to 1.3693 (21-d MA) and then 1.3663 (daily cloud top). On the upside, the next target aligns at 1.3793 (high Mar.3) followed by 1.3825 (2014 high Feb.28) and then 1.3894 (2013 high Dec.27).
EUR/USD keeps the range, eyes on ECB
Spot is now wobbling between gains and losses after the bullish attempt seems to have run out of legs in the vicinity of 1.3750. Positive day in Euroland data-wise, with services PMIs, EMU’s GDP and retail sales all in line-above estimates, although the selling pressure prevailed, extending the correction lower from last week’s peaks above 1.3800 the figure. According to Analyst Christin Tuxen at Danske Bank, “in the absence of further escalation of events in Crimea, currency markets will start to zoom in on the key ECB meeting tomorrow. With some ECB easing already priced in it will be a disappointment (risk of EUR upside) if Draghi does not deliver something”.
EUR/USD important levels
The pair is now losing 0.04% at 1.3734 and a breakdown of 1.3694 (low Feb.28) would open the door to 1.3693 (21-d MA) and then 1.3663 (daily cloud top). On the upside, the next target aligns at 1.3793 (high Mar.3) followed by 1.3825 (2014 high Feb.28) and then 1.3894 (2013 high Dec.27).