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22 Apr 2014
EUR/USD breaks to fresh highs
FXStreet (Córdoba) - The EUR/USD broke above the 1.3810 area, triggering stops and rallying to fresh daily highs, after being pinned in a 1.3800/10 range for most of the European session.
The EUR/USD finally picked up momentum and rose to a daily high of 1.3820 ahead of the New York session. At time of writing, the pair is trading at 1.3817, up 0.18% Tuesday. Upcoming data includes Eurozone consumer confidence and US existing home sales.
The euro is advancing versus the dollar for first time in 7 trading days, as it had been correcting lower ever since peaking at 1.3904 on Apr 11 to bottom out at 1.3784 earlier today.
EUR/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes that short-term head higher although in neutral territory, showing no real strength. "Price needs to actually extend beyond 1.3825 static resistance level to be able to catch up momentum, eyeing 1.3860 as immediate short term target".
"The downside remains well protected by 1.3780, with an unlikely break below favoring a test of the 1.3730 price zone", Bednarik added.
The EUR/USD finally picked up momentum and rose to a daily high of 1.3820 ahead of the New York session. At time of writing, the pair is trading at 1.3817, up 0.18% Tuesday. Upcoming data includes Eurozone consumer confidence and US existing home sales.
The euro is advancing versus the dollar for first time in 7 trading days, as it had been correcting lower ever since peaking at 1.3904 on Apr 11 to bottom out at 1.3784 earlier today.
EUR/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes that short-term head higher although in neutral territory, showing no real strength. "Price needs to actually extend beyond 1.3825 static resistance level to be able to catch up momentum, eyeing 1.3860 as immediate short term target".
"The downside remains well protected by 1.3780, with an unlikely break below favoring a test of the 1.3730 price zone", Bednarik added.