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19 May 2014
EUR/USD supported at 1.3700
The single currency is now appreciating vs. the greenback on Monday, taking the EUR/USD to a new visit of the boundaries of 1.3720.
EUR/USD eyes on PMIs
There is nothing in terms of significant data releases in the euro area during the first half of the week, while preliminary PMI prints in the region due on Thursday and German GDP figures and the IFO indicator on Friday. With consensus expecting mixed results, any potential upside would likely be limited. “We look for gains back above 1.3730/40 (100-day MA currently at 1.3741) to trigger a short-term recovery to 1.3805 (40-day MA) plus. But with short-term trend momentum signals aligned bearishly across a range of timeframes, we rather think gains will be limited in duration and scope and provide an opportunity for sellers”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
EUR/USD relevant levels
At the moment the pair is up 0.16% at 1.3716 with the next resistance at 1.3732 (high May 15) followed by 1.3739 (100-d MA) and then 1.3771 (high May 13). On the flip side, a breakdown of 1.3685 (low May 16) would target 1.3648 (low May 15) and finally 1.3643 (low Feb.27).
EUR/USD eyes on PMIs
There is nothing in terms of significant data releases in the euro area during the first half of the week, while preliminary PMI prints in the region due on Thursday and German GDP figures and the IFO indicator on Friday. With consensus expecting mixed results, any potential upside would likely be limited. “We look for gains back above 1.3730/40 (100-day MA currently at 1.3741) to trigger a short-term recovery to 1.3805 (40-day MA) plus. But with short-term trend momentum signals aligned bearishly across a range of timeframes, we rather think gains will be limited in duration and scope and provide an opportunity for sellers”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
EUR/USD relevant levels
At the moment the pair is up 0.16% at 1.3716 with the next resistance at 1.3732 (high May 15) followed by 1.3739 (100-d MA) and then 1.3771 (high May 13). On the flip side, a breakdown of 1.3685 (low May 16) would target 1.3648 (low May 15) and finally 1.3643 (low Feb.27).