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15 May 2014
EUR/USD retakes 1.3700 and beyond
FXStreet (Edinburgh) - The sudden irruption of buying interest in the EUR is propelling the EUR/USD back above the 1.3700 handle.
EUR/USD in fresh highs above 1.3730
The pair has retraced almost the whole pullback to the area of multi-week lows near 1.3650 and is now looking to hit session peaks in the 1.3725/30 region. Buyers seem to be back in scene, lifting the beleaguered single currency above the key barrier at 1.3700 and shrugging off today’s less auspicious results from EMU’s CPI and GDP. Camilla Sutton, Chief FX Strategist at Scotiabank, noted “most studies warn of further downside risk with support at 1.3625, the 200-day MA while resistance is at Friday’s close of 1.3758”.
EUR/USD levels to watch
As of writing the pair is up 0.10% at 1.3729 and a break above 1.3741 (100-d MA) would open the door to 1.3771 (high May 13). On the downside, the initial support aligns at 1.3643 (low Feb.27) followed by 1.3625 (50% of 1.3477-1.3773) and finally 1.3585 (low Feb.13).
EUR/USD in fresh highs above 1.3730
The pair has retraced almost the whole pullback to the area of multi-week lows near 1.3650 and is now looking to hit session peaks in the 1.3725/30 region. Buyers seem to be back in scene, lifting the beleaguered single currency above the key barrier at 1.3700 and shrugging off today’s less auspicious results from EMU’s CPI and GDP. Camilla Sutton, Chief FX Strategist at Scotiabank, noted “most studies warn of further downside risk with support at 1.3625, the 200-day MA while resistance is at Friday’s close of 1.3758”.
EUR/USD levels to watch
As of writing the pair is up 0.10% at 1.3729 and a break above 1.3741 (100-d MA) would open the door to 1.3771 (high May 13). On the downside, the initial support aligns at 1.3643 (low Feb.27) followed by 1.3625 (50% of 1.3477-1.3773) and finally 1.3585 (low Feb.13).