5 May 2014
EUR/USD muted on Sentix
FXStreet (Edinburgh) - The shared currency keeps the composure after the release of the Sentix index in the euro area, with the EUR/USD hovering over 1.3870/75.
EUR/USD indifferent after the release
The pair remained indifferent after the consumer sentiment tracked by the Sentix index in the euro zone dropped below estimates to 12.8 for the month of May vs. 14.2 expected and April’s 14.1. Spot continues to meander in a 10-pip range so far ahead of services PMIs and Retail Sales in the euro bloc due tomorrow. “Longer-term signals are a bit more obviously bullish—the EUR is still in a broader bull channel and trading above trend resistance off the 2008 high (1.3767). Strong net gains this week suggest scope for a push higher but we still rather think overhead resistance at 1.3965 will be hard for the EUR to crack”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
EUR/USD key levels
The pair is now advancing 0.04% at 1.3875 and a breakout of 1.3889 (high May 1) would open the door to 1.3906 (high Apr.11) and then 1.3935 (high Mar.19). On the flipside, the immediate support lines up at 1.3844 (10-d MA) followed by 1.3832 (21-d MA) and finally 1.3812 (low May 2).
EUR/USD indifferent after the release
The pair remained indifferent after the consumer sentiment tracked by the Sentix index in the euro zone dropped below estimates to 12.8 for the month of May vs. 14.2 expected and April’s 14.1. Spot continues to meander in a 10-pip range so far ahead of services PMIs and Retail Sales in the euro bloc due tomorrow. “Longer-term signals are a bit more obviously bullish—the EUR is still in a broader bull channel and trading above trend resistance off the 2008 high (1.3767). Strong net gains this week suggest scope for a push higher but we still rather think overhead resistance at 1.3965 will be hard for the EUR to crack”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
EUR/USD key levels
The pair is now advancing 0.04% at 1.3875 and a breakout of 1.3889 (high May 1) would open the door to 1.3906 (high Apr.11) and then 1.3935 (high Mar.19). On the flipside, the immediate support lines up at 1.3844 (10-d MA) followed by 1.3832 (21-d MA) and finally 1.3812 (low May 2).