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5 Jun 2014
EUR/USD aims to highs beyond 1.3610
FXStreet (Edinburgh) - The single currency is now looking to consolidate above the 1.3600 mark, pushing the EUR/USD back to the 1.3610/15 band.
EUR/USD ignored better EMU data
The pair is trading isolated from the EMU’s docket so far, despite Retail Sales in the euro area surprised investors to the upside, growing above estimates 0.4% inter-month during April. Previous data showed German Factory Orders expanding at a monthly pace of 3.1% in the same period. Market focus remains on the ECB meeting and Draghi’s press conference later, amidst increasing speculations about the potential easing measures. “While we estimate that EUR/USD will push lower over the medium-term, we do not anticipate a rapid adjustment and estimate that it could take 12 mth or so before EUR/USD is trading around the 1.30. For now, we see risk that in the next 3 mths EUR/USD could hold a range between 1.36 and 1.38”, commented Jane Foley, Senior Currency Strategist at Rabobank.
EUR/USD key levels
As of writing the pair is up 0.13% at 1.3616 with the next resistance at 1.3627 (Tenkan Sen) followed by 1.3639 (high Jun.4) and then 1.3648 (high Jun.3). On the downside, a break below 1.3586 (low May 29) would open the door to 1.3585 (low Feb.13) and finally 1.3563 (low Feb.12).
EUR/USD ignored better EMU data
The pair is trading isolated from the EMU’s docket so far, despite Retail Sales in the euro area surprised investors to the upside, growing above estimates 0.4% inter-month during April. Previous data showed German Factory Orders expanding at a monthly pace of 3.1% in the same period. Market focus remains on the ECB meeting and Draghi’s press conference later, amidst increasing speculations about the potential easing measures. “While we estimate that EUR/USD will push lower over the medium-term, we do not anticipate a rapid adjustment and estimate that it could take 12 mth or so before EUR/USD is trading around the 1.30. For now, we see risk that in the next 3 mths EUR/USD could hold a range between 1.36 and 1.38”, commented Jane Foley, Senior Currency Strategist at Rabobank.
EUR/USD key levels
As of writing the pair is up 0.13% at 1.3616 with the next resistance at 1.3627 (Tenkan Sen) followed by 1.3639 (high Jun.4) and then 1.3648 (high Jun.3). On the downside, a break below 1.3586 (low May 29) would open the door to 1.3585 (low Feb.13) and finally 1.3563 (low Feb.12).