7 Apr 2014
EUR/USD: Resistance at 1.3740-60 should cap upticks - BBH
FXStreet (Bali) - The dollar's technical tone has improved against the complex of European currencies, but it remains soft against the dollar-bloc, notes Marc Chandler, Head of FX at BBH.
Key Quotes
"The losses before the weekend put the single currency at its lowest level in a little over a month."
"Although the Dollar Index is heavily weighted toward the euro (and currencies that move in its orbit), the head and shoulders pattern we see there is not as clear in the euro chart."
"There is a band of support ($1.3640-80) that may limit the losses in the near-term, though a break of it would be significant. On the upside, the $1.3740-60 should cap upticks."
Key Quotes
"The losses before the weekend put the single currency at its lowest level in a little over a month."
"Although the Dollar Index is heavily weighted toward the euro (and currencies that move in its orbit), the head and shoulders pattern we see there is not as clear in the euro chart."
"There is a band of support ($1.3640-80) that may limit the losses in the near-term, though a break of it would be significant. On the upside, the $1.3740-60 should cap upticks."