28 May 2014
EUR/USD warming up for 1.3600?
FXStreet (Edinburgh) - The shared currency is extending its intraday decline on Wednesday, with the EUR/USD putting to the test the key support at 1.3600.
EUR/USD in multi-week lows
The pair is losing ground for the fourth consecutive week after hitting ytd tops just below the 1.4000 handle, drifting back to levels last seen in early February near the critical 1.3600 support. The demand for the EUR remains subdued amidst speculations of further easing by the ECB in its next meeting on June 5th. “EUR dipped overnight to retest the recent low at 1.3615. While the undertone is negative, the rebound from the low has resulted in a mixed outlook for today. Expect 1.3670/75 to limit any further recovery but a sustained down-move is likely only upon a clear break below 1.3610/15”, noted Quek Ser Leang, Market Strategist at UOB Group.
EUR/USD relevant levels
As of writing the pair is losing 0.16% at 1.3612 with the next support at 1.3585 (low Feb.13) ahead of 1.3563 (low Feb.12) and finally 1.3552 9low Feb.7). On the upside, a break above 1.3638 (high May 28) would open the door to 1.3669 (high May 27) and then 1.3672 (Tenkan Sen).
EUR/USD in multi-week lows
The pair is losing ground for the fourth consecutive week after hitting ytd tops just below the 1.4000 handle, drifting back to levels last seen in early February near the critical 1.3600 support. The demand for the EUR remains subdued amidst speculations of further easing by the ECB in its next meeting on June 5th. “EUR dipped overnight to retest the recent low at 1.3615. While the undertone is negative, the rebound from the low has resulted in a mixed outlook for today. Expect 1.3670/75 to limit any further recovery but a sustained down-move is likely only upon a clear break below 1.3610/15”, noted Quek Ser Leang, Market Strategist at UOB Group.
EUR/USD relevant levels
As of writing the pair is losing 0.16% at 1.3612 with the next support at 1.3585 (low Feb.13) ahead of 1.3563 (low Feb.12) and finally 1.3552 9low Feb.7). On the upside, a break above 1.3638 (high May 28) would open the door to 1.3669 (high May 27) and then 1.3672 (Tenkan Sen).