18 Feb 2014
EUR/USD in highs near 1.3730
FXStreet (Edinburgh) - The single currency is now picking up pace, lifting the EUR/USD to post fresh intraday highs near 1.3730.
EUR/USD stronger after EMU data
The pair remains in 4-week highs around 1.3730 bolstered by a wider Current Account surplus in the euro area, expanding to €33.2 billion during December, exceeding estimates at €20.0 billion and leaving behind November’s €27.2 billion. The figures would pave the way for further gains in the pair should the ZEW Survey matches expectations of improvement in all of its components, both in the EMU and Germany. “While our baseline scenario remains an ECB cut in both the refi and deposit rate in March (or April) and for the Fed to go on with tapering despite bumps on the road to recovery, we acknowledge that risks are now increasingly on the upside for EUR/USD and these stem from both the Fed and the ECB outlook”, observed Analyst Flemming Nielsen at Danske Bank.
EUR/USD significant levels
The pair is now advancing 0.06% at 1.3713 with the next resistance at 1.3727 (high Feb.18) ahead of 1.3740 (high Jan.24) and finally 1.3776 (2014 highs Jan.2). On the flip side, a breakdown of 1.3608 (Kijun Sen line) would aim for 1.3595 (daily cloud base) and then 1.3585 (low Feb.13).
EUR/USD stronger after EMU data
The pair remains in 4-week highs around 1.3730 bolstered by a wider Current Account surplus in the euro area, expanding to €33.2 billion during December, exceeding estimates at €20.0 billion and leaving behind November’s €27.2 billion. The figures would pave the way for further gains in the pair should the ZEW Survey matches expectations of improvement in all of its components, both in the EMU and Germany. “While our baseline scenario remains an ECB cut in both the refi and deposit rate in March (or April) and for the Fed to go on with tapering despite bumps on the road to recovery, we acknowledge that risks are now increasingly on the upside for EUR/USD and these stem from both the Fed and the ECB outlook”, observed Analyst Flemming Nielsen at Danske Bank.
EUR/USD significant levels
The pair is now advancing 0.06% at 1.3713 with the next resistance at 1.3727 (high Feb.18) ahead of 1.3740 (high Jan.24) and finally 1.3776 (2014 highs Jan.2). On the flip side, a breakdown of 1.3608 (Kijun Sen line) would aim for 1.3595 (daily cloud base) and then 1.3585 (low Feb.13).