24 Mar 2014
EUR/USD drops to 1.3770
FXStreet (Edinburgh) - The single currency is now rapidly losing the grip against the greenback on Monday, dragging the EUR/USD to the boundaries of 1.3370.
EUR/USD weaker on PMIs
The pair is reacting adversely after manufacturing and services PMIs prints in Germany and the euro bloc came in short of expectations for the month of February, surrendering initial gains to the area of 1.3770. Next on tap will be Budesbak’s J.Weidmann’s speech ahead of US Markit Manufacturing PMI. “EUR longs increased in the latest week with the proportion of net open interest beginning to look pregnant by historical standards. If the EUR-USD detaches southwards from 1.3800, initial supports are expected into 1.3735 and 1.3750. Meanwhile, initial resistance is expected on approach of 1.2830”, noted Emmanuel Ng, Strategist at OCBC Bank.
EUR/USD significant levels
The pair is now losing 0.17% at 1.3773 and a breach of 1.3749 (low Mar.20) would open the door to 1.3722 (50% of 1.3477-1.3967) and finally 1.3720 (low Mar.6). On the upside, the initial hurdle aligns at 1.3827 (high Mar.24) ahead of 1.3845 (high Mar.20) and then 1.3862 (10-d MA).
EUR/USD weaker on PMIs
The pair is reacting adversely after manufacturing and services PMIs prints in Germany and the euro bloc came in short of expectations for the month of February, surrendering initial gains to the area of 1.3770. Next on tap will be Budesbak’s J.Weidmann’s speech ahead of US Markit Manufacturing PMI. “EUR longs increased in the latest week with the proportion of net open interest beginning to look pregnant by historical standards. If the EUR-USD detaches southwards from 1.3800, initial supports are expected into 1.3735 and 1.3750. Meanwhile, initial resistance is expected on approach of 1.2830”, noted Emmanuel Ng, Strategist at OCBC Bank.
EUR/USD significant levels
The pair is now losing 0.17% at 1.3773 and a breach of 1.3749 (low Mar.20) would open the door to 1.3722 (50% of 1.3477-1.3967) and finally 1.3720 (low Mar.6). On the upside, the initial hurdle aligns at 1.3827 (high Mar.24) ahead of 1.3845 (high Mar.20) and then 1.3862 (10-d MA).