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31 Mar 2014
EUR/USD eases from 1.3800
FXStreet (Edinburgh) - After hitting fresh highs beyond 1.3800 the figure, the EUR/USD is no deflating to the 1.3785/80 region.
EUR/USD retracing gains
The pair keeps the bid tone however, following the somewhat dovish speech by Chairwoman J.Yellen, although the break above 1.3800 seems to have lacked of conviction so far. In the opinion of Jane Foley, Senior Currency Strategist at Rabobank, “Overall, we see downside risk for EUR/USD. However, in view of the Eurozone’s strong current account surplus and improving growth outlook we maintain the view that the EUR will be reluctant to concede ground to the USD. Last week’s low near EUR/USD1.3705 should provide initial support. Below that cloud top at EUR/USD1.3685 should provide support”
EUR/USD relevant levels
At the moment the pair is up 0.20% at 1.3779 with the immediate resistance at 1.3810 (high Mar.31) ahead of 1.3826 (21-d MA) and finally 1.3827 (high Mar.26). On the downside, a break below 1.3721 9LOW Mar.31) would target 1.3714 (55-d MA) en route to 1.3704 (low Mar.28).
EUR/USD retracing gains
The pair keeps the bid tone however, following the somewhat dovish speech by Chairwoman J.Yellen, although the break above 1.3800 seems to have lacked of conviction so far. In the opinion of Jane Foley, Senior Currency Strategist at Rabobank, “Overall, we see downside risk for EUR/USD. However, in view of the Eurozone’s strong current account surplus and improving growth outlook we maintain the view that the EUR will be reluctant to concede ground to the USD. Last week’s low near EUR/USD1.3705 should provide initial support. Below that cloud top at EUR/USD1.3685 should provide support”
EUR/USD relevant levels
At the moment the pair is up 0.20% at 1.3779 with the immediate resistance at 1.3810 (high Mar.31) ahead of 1.3826 (21-d MA) and finally 1.3827 (high Mar.26). On the downside, a break below 1.3721 9LOW Mar.31) would target 1.3714 (55-d MA) en route to 1.3704 (low Mar.28).