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14 Apr 2015
EUR/USD heavy and offers testing mid support on 1.06 handle
FXStreet (Guatemala) - EUR/USD is currently trading at 1.0657 with a high of 1.0707 and a low of 1.0531.
EUR/USD's move from 1.0560-1.0707 has consolidated and started to turn south. The major is testing the 1.0650 area and support there where the pair found demand in early April, but little volume or commitment came from the bulls. 1.0620 comes as next support and and break there will put the Euro back into bearish territory on the short term charts in the overall bearish trend on the daily sticks.
The sharp sell off in the greenback was on the back of The IMF expectations for the U.S. economy to grow just 3.1% in 2015. Although this is faster than last year's 2.4% pace, the latest estimate, however, is below the organization's forecast of 3.6% growth in January. Bad weather and lower oil prices are to hinder growth in the US on a relative global scale. Technically, Karen Jones, chief analyst at Commerzbank suggests that intraday rallies are likely to remain curtailed by the 1.0713/1.0940 band.
EUR/USD's move from 1.0560-1.0707 has consolidated and started to turn south. The major is testing the 1.0650 area and support there where the pair found demand in early April, but little volume or commitment came from the bulls. 1.0620 comes as next support and and break there will put the Euro back into bearish territory on the short term charts in the overall bearish trend on the daily sticks.
The sharp sell off in the greenback was on the back of The IMF expectations for the U.S. economy to grow just 3.1% in 2015. Although this is faster than last year's 2.4% pace, the latest estimate, however, is below the organization's forecast of 3.6% growth in January. Bad weather and lower oil prices are to hinder growth in the US on a relative global scale. Technically, Karen Jones, chief analyst at Commerzbank suggests that intraday rallies are likely to remain curtailed by the 1.0713/1.0940 band.