16 Feb 2015
EUR/USD drops below 1.1400
FXStreet (Edinburgh) - The shared currency is now losing the grip vs. the US dollar, dragging EUR/USD to test session lows in sub-1.1400 levels.
EUR/USD clings to 1.1400 area
Despite deflating from session peaks around 1.1430, spot keeps marginal gains after the Current Account in the euro area increased to €23.3 billion (seasonally adjusted) during December, up from the previous €21.6 billion. The knee-jerk in the pair followed a bout of buying interest around the US dollar, relegating the pair to the lower bound of the intraday range.
Market participants remain concentrated in the Eurogroup-Greece meeting due to start at 1400GMT. Developments from the meeting will be the main catalysts of the pair’s price action in the very near term, against the backdrop of scarce activity due to the holiday in the US.
EUR/USD levels to consider
At the moment the pair is up 0.01% at 1.1399 facing the next up barrier at 1.1443 (high Feb.13) ahead of 1.1485 (Kijun Sen) and finally 1.1499 (high Feb.5). On the downside, a drop beyond 1.1380 (low Feb.16) would open the door to 1.1367 (200-h MA) and then 1.1303 (low Feb.12).
EUR/USD clings to 1.1400 area
Despite deflating from session peaks around 1.1430, spot keeps marginal gains after the Current Account in the euro area increased to €23.3 billion (seasonally adjusted) during December, up from the previous €21.6 billion. The knee-jerk in the pair followed a bout of buying interest around the US dollar, relegating the pair to the lower bound of the intraday range.
Market participants remain concentrated in the Eurogroup-Greece meeting due to start at 1400GMT. Developments from the meeting will be the main catalysts of the pair’s price action in the very near term, against the backdrop of scarce activity due to the holiday in the US.
EUR/USD levels to consider
At the moment the pair is up 0.01% at 1.1399 facing the next up barrier at 1.1443 (high Feb.13) ahead of 1.1485 (Kijun Sen) and finally 1.1499 (high Feb.5). On the downside, a drop beyond 1.1380 (low Feb.16) would open the door to 1.1367 (200-h MA) and then 1.1303 (low Feb.12).