24 Mar 2014
EUR/USD stabilizing near 1.3840
FXStreet (Edinburgh) - The EUR/USD is now attempting to consolidate in the area of 1.3840 at the end of the US session on Monday, coming down from earlier peaks near 1.3880.
EUR/USD eyes on IFO
The German IFO indicator is the most relevant event in the euro area on Tuesday ahead of the speech by ECB’s Draghi. The pair would remain in the limelight however, as consensus expects the survey to come in mixed. Across the pond, housing data, consumer confidence and some Fedspeak (Ploser and Lockhart) would keep investors entertained. “While EUR/USD may be consolidating, the broad EUR continues to rise on the back of portfolio flows and potentially diversification out of the USD”, commented Sebastien Galy, Strategist at Societe Generale.
EUR/USD levels to watch
The pair is now advancing 0.32% at 1.3840 with the next resistance at 1.3900 (psychological level). On the flip side, a break below 1.3760 (low Mar.24) would target 1.3749 (low Mar.20) and then 1.3722 (50% of 1.3477-1.3967).
EUR/USD eyes on IFO
The German IFO indicator is the most relevant event in the euro area on Tuesday ahead of the speech by ECB’s Draghi. The pair would remain in the limelight however, as consensus expects the survey to come in mixed. Across the pond, housing data, consumer confidence and some Fedspeak (Ploser and Lockhart) would keep investors entertained. “While EUR/USD may be consolidating, the broad EUR continues to rise on the back of portfolio flows and potentially diversification out of the USD”, commented Sebastien Galy, Strategist at Societe Generale.
EUR/USD levels to watch
The pair is now advancing 0.32% at 1.3840 with the next resistance at 1.3900 (psychological level). On the flip side, a break below 1.3760 (low Mar.24) would target 1.3749 (low Mar.20) and then 1.3722 (50% of 1.3477-1.3967).