8 Apr 2014
EUR/USD at fresh highs as dollar weakness persists
FXStreet (Córdoba) - The EUR/USD spiked to fresh daily highs ahead of the Wall Street opening amid general dollar weakness.
The shared currency took advantage of a weak dollar, which is losing ground versus both high-yielding and safe-haven currencies, and climbed to a high of 1.3783 in recent dealings. At time of writing, the EUR/USD is trading at the 1.3775 zone, recording a 0.25% gain on the day. With only second-tier US data scheduled for today, FX market will likely continue to monitor stocks' market, Fed speakers and Ukraine situation.
EUR/USD outlook
"EUR continues to fade the weakness infused by last week’s ECB meeting, encouraged by comments from some Governing Council members that cast doubts on how unanimous the body actually is towards QE. The Fed Minutes tomorrow might reignite the trek higher in UST yields, helping EUR/USD to resume its path lower", said the TD Securities team. "However, until we cross that bridge, today we might be in for a day of range-trading in the 1.3755/75 area".
EUR/USD levels to watch
On the upside, next resistances line up at 1.3800 (psychological level) and 1.3809 (21-day SMA) ahead of 1.3820 (Apr 2 high). On the flip side, supports could be found at 1.3736 (daily low), 1.3700 (psychological level) and 1.3688 (100-day SMA).
The shared currency took advantage of a weak dollar, which is losing ground versus both high-yielding and safe-haven currencies, and climbed to a high of 1.3783 in recent dealings. At time of writing, the EUR/USD is trading at the 1.3775 zone, recording a 0.25% gain on the day. With only second-tier US data scheduled for today, FX market will likely continue to monitor stocks' market, Fed speakers and Ukraine situation.
EUR/USD outlook
"EUR continues to fade the weakness infused by last week’s ECB meeting, encouraged by comments from some Governing Council members that cast doubts on how unanimous the body actually is towards QE. The Fed Minutes tomorrow might reignite the trek higher in UST yields, helping EUR/USD to resume its path lower", said the TD Securities team. "However, until we cross that bridge, today we might be in for a day of range-trading in the 1.3755/75 area".
EUR/USD levels to watch
On the upside, next resistances line up at 1.3800 (psychological level) and 1.3809 (21-day SMA) ahead of 1.3820 (Apr 2 high). On the flip side, supports could be found at 1.3736 (daily low), 1.3700 (psychological level) and 1.3688 (100-day SMA).