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22 Apr 2014
EUR/USD clings to 1.3800
FXStreet (Edinburgh) - The single currency is closing the day with meagre gains on Tuesday, with the EUR/USD clinging to the key 1.3800 handle.
EUR/USD looks to PMIs for clues
Tomorrow will be PMI-day in the euro area, with market consensus expecting little improvements from both the manufacturing and the services prints, which would ultimately be EUR-supportive. Across the pond, the US manufacturing PMI gauged by Markit and New Home Sales will grab all the attention. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, the short term technicals remamain “mixed with EUR having traded in a relatively tight 80 point range (1.3785-1.3865) over the last seven sessions and lacking a catalyst for direction. Most studies that are providing a directional bias is also lacking conviction. Support lies at the recent low of 1.3785 and resistance lies in the recent high of 1.3865”.
EUR/USD levels to watch
At the moment the pair is up 0.05% en 1.3801 with the next hurdle at 1.3830 (high Apr.21) followed by 1.3865 (high Apr.17) and then 1.3906 (high Apr.11). On the downside, a break below 1.3785 (low Apr.22) would open the door to 1.3780 (low Apr.9) and finally 1.3738 (low
EUR/USD looks to PMIs for clues
Tomorrow will be PMI-day in the euro area, with market consensus expecting little improvements from both the manufacturing and the services prints, which would ultimately be EUR-supportive. Across the pond, the US manufacturing PMI gauged by Markit and New Home Sales will grab all the attention. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, the short term technicals remamain “mixed with EUR having traded in a relatively tight 80 point range (1.3785-1.3865) over the last seven sessions and lacking a catalyst for direction. Most studies that are providing a directional bias is also lacking conviction. Support lies at the recent low of 1.3785 and resistance lies in the recent high of 1.3865”.
EUR/USD levels to watch
At the moment the pair is up 0.05% en 1.3801 with the next hurdle at 1.3830 (high Apr.21) followed by 1.3865 (high Apr.17) and then 1.3906 (high Apr.11). On the downside, a break below 1.3785 (low Apr.22) would open the door to 1.3780 (low Apr.9) and finally 1.3738 (low