23 May 2014
EUR/USD on its way to 1.3600?
FXStreet (Edinburgh) - The selling interest continues to put the EUR/USD to the test on Friday, pushing spot to the low-1.3600s after disappointing data in the euro bloc.
EUR/USD focus on the 200-d MA at 1.3635
The pair is currently trading below the key 1.3635 level, where sits the 200-day MA, and it might see the current descent accelerated in case the US docket shows upbeat figures. The European elections over the weekend do not emerge as an immediate threat, although the FX community will closely follow the final results. In light of the recent poor IFO results, Senior Global Strategist Jacqui Douglas at TD Securities assessed “Comments from the IFO Institute didn’t seem overly pessimistic though, and point to a period of slightly softer growth after a stronger Q1. It was also noted that the German economy is dealing well with the relatively strong euro”.
EUR/USD key levels
As of writing the pair is losing 0.26% at 1.3620 with the next support at 1.3585 (low Feb.13) ahead of 1.3563 (low Feb.12) and finally 1.3552 (low Feb.7). On the flip side, a breakout of 1.3688 (high May 22) would target 1.3705 (Tenkan Sen) en route to 1.3723 (high May 21).
EUR/USD focus on the 200-d MA at 1.3635
The pair is currently trading below the key 1.3635 level, where sits the 200-day MA, and it might see the current descent accelerated in case the US docket shows upbeat figures. The European elections over the weekend do not emerge as an immediate threat, although the FX community will closely follow the final results. In light of the recent poor IFO results, Senior Global Strategist Jacqui Douglas at TD Securities assessed “Comments from the IFO Institute didn’t seem overly pessimistic though, and point to a period of slightly softer growth after a stronger Q1. It was also noted that the German economy is dealing well with the relatively strong euro”.
EUR/USD key levels
As of writing the pair is losing 0.26% at 1.3620 with the next support at 1.3585 (low Feb.13) ahead of 1.3563 (low Feb.12) and finally 1.3552 (low Feb.7). On the flip side, a breakout of 1.3688 (high May 22) would target 1.3705 (Tenkan Sen) en route to 1.3723 (high May 21).