27 Dec 2013
EUR/USD challenges 1.3800
FXstreet.com (Córdoba) - Following a day of consolidation, the EUR/USD picked up momentum and not only broke decisively above the 1.3700 mark but also rallied toward the 1.3800 area.
The lack of volume has exacerbated price movements Friday, driving the euro to fresh highs above 1.3800. The EUR/USD rose more than 100 pips throughout the day and reached its highest level since Dec 18 at 1.3805, pausing just a few pips shy of its monthly highs at 1.3811. At time of writing, the EUR/USD is trading at the 1.3795 zone, recording a 0.8% gain on the day.
EUR/USD levels to watch
In terms of technical levels, the EUR/USD has 1.3811 (Dec 11 high) as immediate resistance to overcome, followed by 1.3832 (2013 high Oct 25) and 1.3860 (Nov 11 2011 high). On the other hand, supports are now seen at 1.3700 (psychological level), 1.3688 (21-day SMA) and 1.3655 (Dec 24 low).
The lack of volume has exacerbated price movements Friday, driving the euro to fresh highs above 1.3800. The EUR/USD rose more than 100 pips throughout the day and reached its highest level since Dec 18 at 1.3805, pausing just a few pips shy of its monthly highs at 1.3811. At time of writing, the EUR/USD is trading at the 1.3795 zone, recording a 0.8% gain on the day.
EUR/USD levels to watch
In terms of technical levels, the EUR/USD has 1.3811 (Dec 11 high) as immediate resistance to overcome, followed by 1.3832 (2013 high Oct 25) and 1.3860 (Nov 11 2011 high). On the other hand, supports are now seen at 1.3700 (psychological level), 1.3688 (21-day SMA) and 1.3655 (Dec 24 low).