Back
31 Mar 2014
EUR/USD back to 1.3740
FXStreet (Edinburgh) - The shared currency is now accelerating the downside, dragging the EUR/USD to test session lows near 1.3720 post-CPI figures.
EUR/USD weaker after EMU’s data
The pair has revisited the area of 1.3725/20 soon after EMU’s consumer prices expanded at an annual pace of 0.5% during March, the lowest levels since 2009 and below estimates at 0.6%. Core prices came in at 0.8% YoY, banging on forecasts. Camilla Sutton, Chief FX Strategist at Soctiabank, commented that the short term technicals for the pair remain bearish, adding, “most studies warn of near term EUR downside risk with support at the 100-day MA at 1.3674. We favour short positions into this week”.
EUR/USD levels to consider
At the moment the pair is losing 0.06% at 1.3743 and breakdown of 1.3715 (55-d MA) would open the door to 1.3704 (low Mar.28) and finally 1.3694 (low Feb.28). On the upside, the initial hurdle aligns at 1.3774 (high Mar.28) ahead of 1.3797 (high Mar.27) and then 1.3805 (10-d MA).
EUR/USD weaker after EMU’s data
The pair has revisited the area of 1.3725/20 soon after EMU’s consumer prices expanded at an annual pace of 0.5% during March, the lowest levels since 2009 and below estimates at 0.6%. Core prices came in at 0.8% YoY, banging on forecasts. Camilla Sutton, Chief FX Strategist at Soctiabank, commented that the short term technicals for the pair remain bearish, adding, “most studies warn of near term EUR downside risk with support at the 100-day MA at 1.3674. We favour short positions into this week”.
EUR/USD levels to consider
At the moment the pair is losing 0.06% at 1.3743 and breakdown of 1.3715 (55-d MA) would open the door to 1.3704 (low Mar.28) and finally 1.3694 (low Feb.28). On the upside, the initial hurdle aligns at 1.3774 (high Mar.28) ahead of 1.3797 (high Mar.27) and then 1.3805 (10-d MA).