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20 Mar 2014
EUR/USD demotivated, near 1.3830
FXStreet (Edinburgh) - The single currency is prolonging the consolidation pattern post-FOMC, with the EUR/USD meandering around 1.3830/25 so far.
EUR/USD still under pressure
It is not all over for the pair so far. Spot would remain under pressure ahead of the US calendar, with the weekly report on the labour market, existing home sales and the Philly Fed index are all due today. Better-than-expected prints from these indicators would surely add more wings to the greenback and intensify the selling pressure in EUR/USD. “Odd better than even that EUR/USD has just posted a key interim high just above 1.39. Dovish leaning FOMC member will no doubt at some point push back against Fed hike expectations if they are dragged much further forward but in the interim EUR should probe yet lower levels”, commented Sean Callow, Strategist at Westpac Global Strategy Group.
EUR/USD significant levels
The pair is now retreating 0.05% at 1.3825 and a breakdown of 1.3814 (low Mar.20) would aim for 1.3811 (21-d MA) and finally 1.3810 (low Mar.19). On the flip side, the initial resistance aligns at 1.3845 (high Mar.20) ahead of 1.3882 (10-d MA) and then 1.3935 (high Mar.19).
EUR/USD still under pressure
It is not all over for the pair so far. Spot would remain under pressure ahead of the US calendar, with the weekly report on the labour market, existing home sales and the Philly Fed index are all due today. Better-than-expected prints from these indicators would surely add more wings to the greenback and intensify the selling pressure in EUR/USD. “Odd better than even that EUR/USD has just posted a key interim high just above 1.39. Dovish leaning FOMC member will no doubt at some point push back against Fed hike expectations if they are dragged much further forward but in the interim EUR should probe yet lower levels”, commented Sean Callow, Strategist at Westpac Global Strategy Group.
EUR/USD significant levels
The pair is now retreating 0.05% at 1.3825 and a breakdown of 1.3814 (low Mar.20) would aim for 1.3811 (21-d MA) and finally 1.3810 (low Mar.19). On the flip side, the initial resistance aligns at 1.3845 (high Mar.20) ahead of 1.3882 (10-d MA) and then 1.3935 (high Mar.19).