20 Mar 2014
EUR/USD looks to consolidate near 1.3760
FXStreet (Edinburgh) - It seems the decline in the EUR found some respite now, with the EUR/USD attempting to consolidate around 1.3760.
EUR/USD still weak
The pair accentuated the sharp descent post-FOMC during the European morning, amidst empty docket in the euro bloc and largely ignoring the almost flat print from Initial Claims (320K act. vs. 325K exp. and 315K prev.). Next on tap will be Existing Home Sales and the manufacturing survey tracked by the Philly Fed. “The releases of the euro-zone PMI surveys are expected to signal that the economic recovery continues to firm supporting the euro. A more stable situation in the Ukraine may also act to dampen repatriation related euro demand in the week ahead”, commented analysts at BTMU.
EUR/USD key levels
The pair is now retreating 0.46% at 1.3768 and a breakdown of 1.3720 (low Mar.6) would aim for 1.3707 (low ar.5) and finally 1.3694 (low Feb.28). On the flip side, the initial resistance aligns at 1.3845 (high Mar.20) ahead of 1.3882 (10-d MA) and then 1.3935 (high Mar.19).
EUR/USD still weak
The pair accentuated the sharp descent post-FOMC during the European morning, amidst empty docket in the euro bloc and largely ignoring the almost flat print from Initial Claims (320K act. vs. 325K exp. and 315K prev.). Next on tap will be Existing Home Sales and the manufacturing survey tracked by the Philly Fed. “The releases of the euro-zone PMI surveys are expected to signal that the economic recovery continues to firm supporting the euro. A more stable situation in the Ukraine may also act to dampen repatriation related euro demand in the week ahead”, commented analysts at BTMU.
EUR/USD key levels
The pair is now retreating 0.46% at 1.3768 and a breakdown of 1.3720 (low Mar.6) would aim for 1.3707 (low ar.5) and finally 1.3694 (low Feb.28). On the flip side, the initial resistance aligns at 1.3845 (high Mar.20) ahead of 1.3882 (10-d MA) and then 1.3935 (high Mar.19).