Back
29 May 2014
EUR/USD treading water around 1.3600
FXStreet (Edinburgh) - Quite a choppy session for the single currency despite the context of thin trade, with the EUR/USD now holding on to the key 1.3600 handle.
EUR/USD capped by 1.3630
The pair managed to rebound from session troughs in sub-1.3590 levels to intraday highs below 1.3630, although the more ample scenario remains the same: market participants eagerly waiting for the ECB meeting due on June 5th. Is this the most relevant ECB gathering in the last months? The answer seems to be pretty clear as per the amount of speculations gyrating around the potential easing measures by the bank commanded by Mario Draghi. Moving forward to Friday’s docket, German Retail Sales and Spanish and Italian inflation figures will be in the limelight in Euroland. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “the focus remains firmly on how ECB policy will evolve and how flows are shifting. We are EUR bears, expecting the currency to close the year at 1.30”.
EUR/USD levels to watch
The pair is now up 0.07% at 1.3601 and a break above 1.3638 (high May 28) would open the door to 1.3643 (200-d MA) and finally 1.3669 (high May 27). On the downside, the immediate support aligns at 1.3585 (low Feb.13) ahead of 1.3563 (low Feb.12) and then 1.3552 (low Feb.7).
EUR/USD capped by 1.3630
The pair managed to rebound from session troughs in sub-1.3590 levels to intraday highs below 1.3630, although the more ample scenario remains the same: market participants eagerly waiting for the ECB meeting due on June 5th. Is this the most relevant ECB gathering in the last months? The answer seems to be pretty clear as per the amount of speculations gyrating around the potential easing measures by the bank commanded by Mario Draghi. Moving forward to Friday’s docket, German Retail Sales and Spanish and Italian inflation figures will be in the limelight in Euroland. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “the focus remains firmly on how ECB policy will evolve and how flows are shifting. We are EUR bears, expecting the currency to close the year at 1.30”.
EUR/USD levels to watch
The pair is now up 0.07% at 1.3601 and a break above 1.3638 (high May 28) would open the door to 1.3643 (200-d MA) and finally 1.3669 (high May 27). On the downside, the immediate support aligns at 1.3585 (low Feb.13) ahead of 1.3563 (low Feb.12) and then 1.3552 (low Feb.7).