24 Jul 2014
EUR/USD extends recovery helped by EUR/GBP
FXStreet (Córdoba) - The EUR/USD recovered nearly half a cent from an 8-month low and entered in positive ground for the day buoyed by better-than-expected German and Eurozone PMI data.
Hopes a recovery is still unfolding in the Eurozone gave the euro a breather and took the EUR/USD from a low of 1.3438 to a 2-day high of 1.3484 while European stocks erased early losses. The EUR/GBP rally, fueled by below expectations UK retail sales, also helped the EUR/USD. The pair however, has found resistance at the 1.3485 area and pulled back slightly to trade at 1.3478, where it records a 0.12% gain Thursday.
During the New York session, data scheduled includes jobless claims a preliminary reading of manufacturing PMI for July and June new home sales.
EUR/USD technical levels
In terms of technical levels, if the EUR/USD breaks above 1.3485, next resistances are seen at 1.3500 (psychological level) and 1.3529 (10-day SMA). On the other hand, supports are seen at 1.3438 (Jul 24 low), 1.3400/99 (psychological level/Nov 21 2013 low) and 1.3390 (Nov 13 low).
Hopes a recovery is still unfolding in the Eurozone gave the euro a breather and took the EUR/USD from a low of 1.3438 to a 2-day high of 1.3484 while European stocks erased early losses. The EUR/GBP rally, fueled by below expectations UK retail sales, also helped the EUR/USD. The pair however, has found resistance at the 1.3485 area and pulled back slightly to trade at 1.3478, where it records a 0.12% gain Thursday.
During the New York session, data scheduled includes jobless claims a preliminary reading of manufacturing PMI for July and June new home sales.
EUR/USD technical levels
In terms of technical levels, if the EUR/USD breaks above 1.3485, next resistances are seen at 1.3500 (psychological level) and 1.3529 (10-day SMA). On the other hand, supports are seen at 1.3438 (Jul 24 low), 1.3400/99 (psychological level/Nov 21 2013 low) and 1.3390 (Nov 13 low).