EUR/USD through 1.3800

FXStreet (Edinburgh) - The shared currency keeps pushing higher on Monday, now lifting the EUR/USD to new peaks beyond 1.3800 the figure.

EUR/USD eyes on the ECB

Ahead in the week, the EMU’s calendar is packed with relevant releases (Unemployment Rate on Tuesday, Q4 GDP on Wednesday, PMIs on Thursday) although the most significant one will be the ECB meeting on Thursday and US Payrolls on Friday. Despite the recent build up of expectations for further monetary easing by the central bank, recent rumours about Draghi staying on the sidelines would be propping up the pair so far. In the technical space, Chief FX Strategist Shaun Osborne at TD Securities commented, “we think gains through 1.3850/75 would improve the EUR’s undertone from a short-term point of view but, overall, its inability to hold gains above 1.38 for a sustained period are starting to tell. We rather think a firm cap is forming below 1.40 now and that minor gains (1.3800/50) from here are a sell”.

EUR/USD relevant levels

At the moment the pair is up 0.38% at 1.3804 with the immediate resistance at 1.3807 (10-d MA) and then 1.3827 (21-d MA). On the downside, a break below 1.3714 (55-d MA) would open the door to 1.3704 (low Mar.28) and finally 1.3694 (low Feb.28).