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12 Feb 2014
EUR/USD back to square one, 1.3630
FXStreet (Edinburgh) - The EUR/USD is back to the 1.3630 region after an unsuccessful attempt to follow through the key 55-day MA around 1.3650.
EUR/USD softer despite risk sentiment
Chinese trade data above expectations during January plus a dovish-ish tone from Yellen’s testimony on Tuesday gave further support to riskier assets, although seems that spot has not been benefited so far. EMU’s Dec. Industrial Production figures are due later, with market consensus expecting an annual expansion of 1.8% vs. 3.0% previous, in line with the recent deceleration seen in some members of the bloc. ECB-speak is also expected, with M.Draghi, B.Coeuré and P.Praet giving speeches during the European session. “Technically, the pair has failed to surpass its 55-day MA (1.3649) but interim support may surface around the 100-day MA (1.3612). Expect the market to remain slightly supported on dips”, suggested Emmanuel Ng, Strategist at OCBC Bank.
EUR/USD relevant levels
The pair is now retreating 0.04% at 1.3635 with the immediate support at 1.3615 (30-d MA) ahead of 1.3611 (100-d MA) and finally 1.3609 (low Feb.10). On the flip side, a breakout of 1.3689 (high Jan.28) would expose 1.3716 (high Jan.27) and then 1.3721 (daily cloud top).
EUR/USD softer despite risk sentiment
Chinese trade data above expectations during January plus a dovish-ish tone from Yellen’s testimony on Tuesday gave further support to riskier assets, although seems that spot has not been benefited so far. EMU’s Dec. Industrial Production figures are due later, with market consensus expecting an annual expansion of 1.8% vs. 3.0% previous, in line with the recent deceleration seen in some members of the bloc. ECB-speak is also expected, with M.Draghi, B.Coeuré and P.Praet giving speeches during the European session. “Technically, the pair has failed to surpass its 55-day MA (1.3649) but interim support may surface around the 100-day MA (1.3612). Expect the market to remain slightly supported on dips”, suggested Emmanuel Ng, Strategist at OCBC Bank.
EUR/USD relevant levels
The pair is now retreating 0.04% at 1.3635 with the immediate support at 1.3615 (30-d MA) ahead of 1.3611 (100-d MA) and finally 1.3609 (low Feb.10). On the flip side, a breakout of 1.3689 (high Jan.28) would expose 1.3716 (high Jan.27) and then 1.3721 (daily cloud top).