13 Jan 2015
EUR/USD stuck in lows around 1.1770
FXStreet (Edinburgh) - The shared currency remains unable to leave the current area of intraday lows, with EUR/USD hovering over the area of 1.1770.
EUR/USD consolidates below 1.1800
The solid demand of the US dollar plotted against any attempt of recovery in the pair, relegating the European currency to trade in sub-1.1800 levels for the most part of the session after reaching the 1.1860 neighborhood during the Asian hours. Ahead in the week, the immediate hurdle emerges tomorrow with the release of the retail sales in the US economy (-0.1% exp.) ahead of the Fed’s Beige Book. In addition, the European Court of Justice will decide on the ECB’s OMT programme (not-binding decision) followed by a meeting between Merkel, Draghi and Schauble in Berlin. Strategists at Scotiabank argue the technicals remain on the bearish camp, “with all studies warning of the risk of further downside. Near-term support lies at the recent low of 1.1754 with 1.1700 as important support beyond there. We are biased to be short EURUSD”.
EUR/USD important levels
At the moment the pair is losing 0.61% at 1.1765 with the next support at 1.1754 (2015 low Jan.8) followed by 1.1640 (low Nov. 2005) and then 1.1376 (low Nov.2003). On the upside, a break above 1.1871 (high Jan.12) would expose 1.1897 (high Jan.7) and finally 1.1916 (10d MA).
EUR/USD consolidates below 1.1800
The solid demand of the US dollar plotted against any attempt of recovery in the pair, relegating the European currency to trade in sub-1.1800 levels for the most part of the session after reaching the 1.1860 neighborhood during the Asian hours. Ahead in the week, the immediate hurdle emerges tomorrow with the release of the retail sales in the US economy (-0.1% exp.) ahead of the Fed’s Beige Book. In addition, the European Court of Justice will decide on the ECB’s OMT programme (not-binding decision) followed by a meeting between Merkel, Draghi and Schauble in Berlin. Strategists at Scotiabank argue the technicals remain on the bearish camp, “with all studies warning of the risk of further downside. Near-term support lies at the recent low of 1.1754 with 1.1700 as important support beyond there. We are biased to be short EURUSD”.
EUR/USD important levels
At the moment the pair is losing 0.61% at 1.1765 with the next support at 1.1754 (2015 low Jan.8) followed by 1.1640 (low Nov. 2005) and then 1.1376 (low Nov.2003). On the upside, a break above 1.1871 (high Jan.12) would expose 1.1897 (high Jan.7) and finally 1.1916 (10d MA).