4 Mar 2014
EUR/USD fails to hold at highs
FXStreet (Córdoba) - The EUR/USD pulled back slightly after stretching to fresh daily highs at the beginning of the American session.
The EUR/USD spiked to a high of 1.3780 with a positive Wall Street opening but failed to sustain gains and retreated back to the 1.3750 comfort zone amid market talk and speculations of small cuts in the Eurozone refi and deposit rates ahead of the ECB meeting Thursday.
EUR/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes the EUR/USD shows an increasing bullish momentum in short-term charts. "With stocks advancing strongly, chances are on further gains towards 1.3820/30 area, while a break above should trigger stops and favor more advances up to 1.3870 price zone", the analyst says.
The EUR/USD spiked to a high of 1.3780 with a positive Wall Street opening but failed to sustain gains and retreated back to the 1.3750 comfort zone amid market talk and speculations of small cuts in the Eurozone refi and deposit rates ahead of the ECB meeting Thursday.
EUR/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes the EUR/USD shows an increasing bullish momentum in short-term charts. "With stocks advancing strongly, chances are on further gains towards 1.3820/30 area, while a break above should trigger stops and favor more advances up to 1.3870 price zone", the analyst says.