10 Apr 2014
EUR/USD bounces off 1.3840
FXStreet (Edinburgh) - The single currency has found support in the 1.3840 area against the greenback, although renewed buying interest is now lifting the EUR/USD back to 1.3860/65.
EUR/USD boosted by FOMC minutes
The unexpected dovish tone from yesterday’s minutes hammered the greenback, giving spot extra fuel to climb to the vicinity of 1.3880 during the Asian trade. Mixed data from the Chinese trade balance figures coupled with softer consumer prices in France attempted to dampen the upside, although the pair quickly shrugged off those events. “Currently we must allow for further strength towards 1.3967 and 1.4000, where we would again look for signs of failure”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
EUR/USD levels to watch
As of writing the pair is up0.07% at 1.3865 with the next resistance at 1.3867 (61.8% of 1.3967-1.3704) ahead of 1.3900 (psychological level) and finally 1.3966 (highe 2014 Mar.13). On the downside, a breach of 1.3780 (low Apr.9) would open the door to 1.3759 (10-d MA) and then 1.3738 (low Apr.8).
EUR/USD boosted by FOMC minutes
The unexpected dovish tone from yesterday’s minutes hammered the greenback, giving spot extra fuel to climb to the vicinity of 1.3880 during the Asian trade. Mixed data from the Chinese trade balance figures coupled with softer consumer prices in France attempted to dampen the upside, although the pair quickly shrugged off those events. “Currently we must allow for further strength towards 1.3967 and 1.4000, where we would again look for signs of failure”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
EUR/USD levels to watch
As of writing the pair is up0.07% at 1.3865 with the next resistance at 1.3867 (61.8% of 1.3967-1.3704) ahead of 1.3900 (psychological level) and finally 1.3966 (highe 2014 Mar.13). On the downside, a breach of 1.3780 (low Apr.9) would open the door to 1.3759 (10-d MA) and then 1.3738 (low Apr.8).