23 May 2014
EUR/USD off lows, still vulnerable
FXStreet (Córdoba) - The EUR/USD managed to recover some ground at the beginning of the American session although it remains in negative territory for the day.
The EUR/USD fell to its lowest since early February at 1.3615, clearing the 200-day SMA in the process, in the wake of disappointing German IFO data. However, the euro found buyers and bounced toward 1.3634.
At time of writing, the EUR/USD is trading at the 1.3625 area, still 0.22% below its opening price and on track to record its third weekly loss in a row ahead of long weekends in the US and UK. Next on tap, the US will release new home sales data at 14:00GMT.
EUR/USD technical levels
In terms of technical levels, if the EUR/USD breaks below 1.3615 next supports are seen at 1.3600 (psychological level) and 1.3584 (Feb 13 low). On th flip side, resistances are seen at 1.3658 (May 25 high), 1.3695/1.3700 (10-day SMA/psychological level) and 1.3737 (100-day SMA).
The EUR/USD fell to its lowest since early February at 1.3615, clearing the 200-day SMA in the process, in the wake of disappointing German IFO data. However, the euro found buyers and bounced toward 1.3634.
At time of writing, the EUR/USD is trading at the 1.3625 area, still 0.22% below its opening price and on track to record its third weekly loss in a row ahead of long weekends in the US and UK. Next on tap, the US will release new home sales data at 14:00GMT.
EUR/USD technical levels
In terms of technical levels, if the EUR/USD breaks below 1.3615 next supports are seen at 1.3600 (psychological level) and 1.3584 (Feb 13 low). On th flip side, resistances are seen at 1.3658 (May 25 high), 1.3695/1.3700 (10-day SMA/psychological level) and 1.3737 (100-day SMA).