11 Apr 2014
EUR/USD bounces after fresh lows
FXStreet (Córdoba) - The EUR/USD found interim support and halted the decline after hitting the 50-hour SMA, recovering slightly from losses incurred in the wake of risk aversion.
The EUR/USD came under pressure and dropped around 40 pips at the beginning of the New York session, weighed by solid US PPI and the slump in US stocks, although it was contained by the 50-hour SMA at 1.3863. US producer prices rose 0.5% in March, beating economists' expectations of 0.1%. At time of writing, the EUR/USD is trading at the 1.3875 zone, recording a 0.1% loss on the day, following four straight days of gains.
EUR/USD technical levels
If the EUR/USD breaks below 1.3863, next supports are seen at 1.3835 (Apr 10 low) and 1.3800 (psychological level). On the other hand, resistances are seen at 1.3904 (Apr 11 high) and 1.3933 (Mar 19 high).
The EUR/USD came under pressure and dropped around 40 pips at the beginning of the New York session, weighed by solid US PPI and the slump in US stocks, although it was contained by the 50-hour SMA at 1.3863. US producer prices rose 0.5% in March, beating economists' expectations of 0.1%. At time of writing, the EUR/USD is trading at the 1.3875 zone, recording a 0.1% loss on the day, following four straight days of gains.
EUR/USD technical levels
If the EUR/USD breaks below 1.3863, next supports are seen at 1.3835 (Apr 10 low) and 1.3800 (psychological level). On the other hand, resistances are seen at 1.3904 (Apr 11 high) and 1.3933 (Mar 19 high).