26 Jun 2014
EUR/USD in a narrow range, near 1.3640
FXStreet (Edinburgh) - The single currency is posting meager gains on Thursday, with the EUR/USD hovering over 1.3635/40.
EUR/USD looks to US data
The disappointing Q1 GDP figures in the US economy boosted the pair to fresh weekly highs just above 1.3650 on Wednesday, although the EUR surrendered part of those gains to the area near 1.3630 overnight. Absent data releases in Euroland, the pair will look for catalysts in the US docket, where Initial Claims and the inflation measured by the PCE will be in the limelight along with speeches by Fed’s Lacker and Bullard. “While the support highlighted at 1.3575 held as expected, the up-move was stronger than anticipated with an overnight high of 1.3650. The undertone remains positive and another leg higher towards 1.3660 is likely before a deeper pullback can be expected. Only a move below 1.3595 would indicate that an interim top is in place”, noted Quek Ser Leang, Market Strategist at UOB Group.
EUR/USD levels to watch
The pair is now advancing 0.04% en 1.3634 with the next resistance at 1.3644 (high Jun.19) ahead of 1.3669 (high Jun.9). On the downside, a breach of 1.3565 (low Jun.20) would open the door to 1.3542 (low Jun.18) and then 1.3536 (low Jun.17).
EUR/USD looks to US data
The disappointing Q1 GDP figures in the US economy boosted the pair to fresh weekly highs just above 1.3650 on Wednesday, although the EUR surrendered part of those gains to the area near 1.3630 overnight. Absent data releases in Euroland, the pair will look for catalysts in the US docket, where Initial Claims and the inflation measured by the PCE will be in the limelight along with speeches by Fed’s Lacker and Bullard. “While the support highlighted at 1.3575 held as expected, the up-move was stronger than anticipated with an overnight high of 1.3650. The undertone remains positive and another leg higher towards 1.3660 is likely before a deeper pullback can be expected. Only a move below 1.3595 would indicate that an interim top is in place”, noted Quek Ser Leang, Market Strategist at UOB Group.
EUR/USD levels to watch
The pair is now advancing 0.04% en 1.3634 with the next resistance at 1.3644 (high Jun.19) ahead of 1.3669 (high Jun.9). On the downside, a breach of 1.3565 (low Jun.20) would open the door to 1.3542 (low Jun.18) and then 1.3536 (low Jun.17).