24 Mar 2014
EUR/USD firmer, eyes on 1.3790
FXStreet (Edinburgh) - The shared currency managed to leave session troughs near a.3760, lifting the EUR/USD to the current area near 1.3790.
EUR/USD trims losses
Despite the bounce off lows, the pair is still navigating in the red territory while market participants are digesting the softer PMI prints from the euro area and China. The next risk event for the pair would be tomorrow’s ZEW Survey in Germany, where consensus points to softer readings. “We spot support at 1.3725 (40-day MA) but a tumble from the effective range ceiling may mean a drop back to 1.34/1.35 in the next few weeks”, commented Shaun Osborne, Chief FX Strategist at TD Securities.
EUR/USD significant levels
The pair is now losing 0.06% at 1.3788 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 trims losses
Despite the bounce off lows, the pair is still navigating in the red territory while market participants are digesting the softer PMI prints from the euro area and China. The next risk event for the pair would be tomorrow’s ZEW Survey in Germany, where consensus points to softer readings. “We spot support at 1.3725 (40-day MA) but a tumble from the effective range ceiling may mean a drop back to 1.34/1.35 in the next few weeks”, commented Shaun Osborne, Chief FX Strategist at TD Securities.
EUR/USD significant levels
The pair is now losing 0.06% at 1.3788 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).