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24 Feb 2014
EUR/USD upside stalled near 1.3750
FXStreet (Edinburgh) - The recent bull attempt from the EUR/USD seems to have run out of steam near the area of 1.3745/50, slipping back to 1.3735/30.
EUR/USD found support near 1.3700
A sudden bout of risk aversion was behind the earlier drop from levels beyond 1.3770 to almost 1.3700, although spot managed to partially recover the ground lost. Better-than-expected IFO number for the month of February propped up the pair during the European morning, losing momentum afterwards. Shaun Osborne, Chief FX Strategist at TD Securities commented, “We rather think that the daily pattern of trade is broadly, and somewhat haphazardly, sideways at the moment. We look for resistance in the 1.38 area and for support below 1.35”.
EUR/USD levels to watch
At the moment the pair is down 0.01% at 1.3734 with the initial support at 1.3702 (low Feb.21) followed by 1.3685 (low Feb.20). On the upside, a breakout of 1.3777 (2014 high Jan.2) would expose 1.3796 (76.4% of 1.3894-1.3477) and finally 1.3819 (high Dec.30).
EUR/USD found support near 1.3700
A sudden bout of risk aversion was behind the earlier drop from levels beyond 1.3770 to almost 1.3700, although spot managed to partially recover the ground lost. Better-than-expected IFO number for the month of February propped up the pair during the European morning, losing momentum afterwards. Shaun Osborne, Chief FX Strategist at TD Securities commented, “We rather think that the daily pattern of trade is broadly, and somewhat haphazardly, sideways at the moment. We look for resistance in the 1.38 area and for support below 1.35”.
EUR/USD levels to watch
At the moment the pair is down 0.01% at 1.3734 with the initial support at 1.3702 (low Feb.21) followed by 1.3685 (low Feb.20). On the upside, a breakout of 1.3777 (2014 high Jan.2) would expose 1.3796 (76.4% of 1.3894-1.3477) and finally 1.3819 (high Dec.30).