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16 May 2014
EUR/USD clinging to 1.3700
FXStreet (Edinburgh) - The shared currency remains in the red territory on Friday, with the EUR/USD battling to keep the critical 1.3700 support.
EUR/USD still supported around 1.3685/80
The selling pressure seems to have met strong buying interest around the 1.3690/80 band throughout the week, although a cautious trade still prevails amongst traders. Looking forward, the next week will bring in quite relevant releases after an anaemic first half, with flash PMIs on Thursday and German Q1 GDP figures and the IFO indicator on Friday. “The euro is slowly grinding lower but with ECB easing expectations so high now, we shouldn’t expect too much further downside from here unless ECB rhetoric ahead of the June 5th meeting signals that QE is a probable option”, signalled Derek Halpenny, European Head of Global Markets Research at BTMU.
EUR/USD levels to watch
At the moment the pair is down 0.09% at 1.3697 with the next support at 1.3648 (low May 15) ahead of 1.3643 (low Feb.27) and finally 1.3625 (50% of 1.3477-1.3773). On the flip side, a break above 1.3732 (high May 15) would target 1.3741 (100-d MA) en route to 1.3771 (high May 13).
EUR/USD still supported around 1.3685/80
The selling pressure seems to have met strong buying interest around the 1.3690/80 band throughout the week, although a cautious trade still prevails amongst traders. Looking forward, the next week will bring in quite relevant releases after an anaemic first half, with flash PMIs on Thursday and German Q1 GDP figures and the IFO indicator on Friday. “The euro is slowly grinding lower but with ECB easing expectations so high now, we shouldn’t expect too much further downside from here unless ECB rhetoric ahead of the June 5th meeting signals that QE is a probable option”, signalled Derek Halpenny, European Head of Global Markets Research at BTMU.
EUR/USD levels to watch
At the moment the pair is down 0.09% at 1.3697 with the next support at 1.3648 (low May 15) ahead of 1.3643 (low Feb.27) and finally 1.3625 (50% of 1.3477-1.3773). On the flip side, a break above 1.3732 (high May 15) would target 1.3741 (100-d MA) en route to 1.3771 (high May 13).