Back
29 Jan 2014
EUR/USD testing highs near 1.3670
FXstreet.com (Edinburgh) - The single currency is trading almost unchanged on Wednesday, with the EUR/USD attempting to trespass the 1.3670 level after a better German Gfk Survey.
EUR/USD eyes on EMU data, FOMC
The pair remains resilient in the 1.3650/80 region this week so far amidst easing tensions from the emerging markets after the Turkish central bank aggressively hiked rates. In the data space, German Consumer Confidence gauged by the Gfk Survey came in above estimates at 8.2 for the month of February (highest since Aug 2007), lifting spot to test session peaks past 1.3670. “ The stubborn and continued improvement of optimism, both of businesses and consumers, should eventually feed through into the real economy. Unless all Germans all of a sudden have become a bunch of dreamers, a substantial acceleration of the economy should be in the making”, observed Carsten Brzeski, Analyst at ING. Next on tap will be Spanish Retail Sales followed by EMU’s M3 Money Supply and Private Loans figures, all preceding the biggest event of the week: the FOMC gathering.
EUR/USD levels to consider
As of writing the pair is down 0.02% at 1.3665 and a break below 1.3615 (10-d MA) would open the door to 1.3564 (daily cloud base) and then 1.3530 (low Jan.23). On the upside, the initial hurdle aligns at 1.3716 (high Jan.27) ahead of 1.3740 (high Jan.24) and finally 1.3776 (2014 high Jan.20).
EUR/USD eyes on EMU data, FOMC
The pair remains resilient in the 1.3650/80 region this week so far amidst easing tensions from the emerging markets after the Turkish central bank aggressively hiked rates. In the data space, German Consumer Confidence gauged by the Gfk Survey came in above estimates at 8.2 for the month of February (highest since Aug 2007), lifting spot to test session peaks past 1.3670. “ The stubborn and continued improvement of optimism, both of businesses and consumers, should eventually feed through into the real economy. Unless all Germans all of a sudden have become a bunch of dreamers, a substantial acceleration of the economy should be in the making”, observed Carsten Brzeski, Analyst at ING. Next on tap will be Spanish Retail Sales followed by EMU’s M3 Money Supply and Private Loans figures, all preceding the biggest event of the week: the FOMC gathering.
EUR/USD levels to consider
As of writing the pair is down 0.02% at 1.3665 and a break below 1.3615 (10-d MA) would open the door to 1.3564 (daily cloud base) and then 1.3530 (low Jan.23). On the upside, the initial hurdle aligns at 1.3716 (high Jan.27) ahead of 1.3740 (high Jan.24) and finally 1.3776 (2014 high Jan.20).