23 Jan 2014
EUR/USD extends gains underpinned by economic data
FXstreet.com (Córdoba) - The EUR/USD extended gains to new highs after the latest string of US data came in the soft side, weighing on the greenback.
Disappointing US manufacturing PMI and housing data sent the EUR/USD to an 8-day high of 1.3676 at the beginning of the New York session before the rally lost steam. US leading index miss and better than expected Eurozone confidence helped the bullish case. At time of writing, the EUR/USD is trading at the 1.3665 area, recording a 0.9% gain on the day.
EUR/USD technical perspective
From a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes that the EUR/USD maintains a bullish short-term outlook. "As long as above 1.3620, the upside is favored towards next strong resistance area around 1.3700/10", said the analyst.
Bednarik locates immediate resistances at 1.3705 and 1.3745, while she sees supports at 1.3620, 1.3580 and 1.3540.
Disappointing US manufacturing PMI and housing data sent the EUR/USD to an 8-day high of 1.3676 at the beginning of the New York session before the rally lost steam. US leading index miss and better than expected Eurozone confidence helped the bullish case. At time of writing, the EUR/USD is trading at the 1.3665 area, recording a 0.9% gain on the day.
EUR/USD technical perspective
From a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes that the EUR/USD maintains a bullish short-term outlook. "As long as above 1.3620, the upside is favored towards next strong resistance area around 1.3700/10", said the analyst.
Bednarik locates immediate resistances at 1.3705 and 1.3745, while she sees supports at 1.3620, 1.3580 and 1.3540.