25 Apr 2014
EUR/USD upside limited at 1.3850
FXStreet (Edinburgh) - The shared currency is navigating in a narrow range on Friday, taking the EUR/USD to the 1.3830-1.3845 region.
EUR/USD extends the bounce off 1.3800
The pair is advancing for the fourth consecutive session on Friday, prolonging the rebound from the critical support at 1.3800 although the 1.3850 area still remains elusive. Positive results from PMIs in the euro area plus the auspicious IFO prints in Germany propped up this week’s advance beyond 1.3800, amidst anaemic volatility and scarce releases. “While EUR is still trapped in a range, we continue to maintain a positive outlook as long as 1.3780 is intact. Having said that, we need to see a clear break above the immediate resistant at 1.3865 before further gains can be expected”, observed Quek Ser Leang, Market Strategist at UOB Group.
EUR/USD key levels
At the moment the pair is up 0.02% at 1.3835 with the next resistance at 1.3855 (high Apr.23) followed by 1.3865 (high Apr.17) and then 1.3906 (high Apr.11). On the flip side, a breakdown of 1.3817 (daily cloud top) would target 1.3815 (10-d MA) en route to 1.3801 (21-d MA).
EUR/USD extends the bounce off 1.3800
The pair is advancing for the fourth consecutive session on Friday, prolonging the rebound from the critical support at 1.3800 although the 1.3850 area still remains elusive. Positive results from PMIs in the euro area plus the auspicious IFO prints in Germany propped up this week’s advance beyond 1.3800, amidst anaemic volatility and scarce releases. “While EUR is still trapped in a range, we continue to maintain a positive outlook as long as 1.3780 is intact. Having said that, we need to see a clear break above the immediate resistant at 1.3865 before further gains can be expected”, observed Quek Ser Leang, Market Strategist at UOB Group.
EUR/USD key levels
At the moment the pair is up 0.02% at 1.3835 with the next resistance at 1.3855 (high Apr.23) followed by 1.3865 (high Apr.17) and then 1.3906 (high Apr.11). On the flip side, a breakdown of 1.3817 (daily cloud top) would target 1.3815 (10-d MA) en route to 1.3801 (21-d MA).