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13 Feb 2014
EUR/USD flat-lining around 1.3670
FXStreet (Edinburgh) - The shared currency remains in the upper band of its intraday range vs. de greenback, with the EUR/USD meandering between 1.3660 and 1.3680 towards the end of the US session.
EUR/USD focus on EMU’s GDP
The pair largely benefited from the poor US retail sales during January, quickly leaving behind the 1.3600 barrier and heading towards 1.3700. Key day for the EUR tomorrow, as the EMU will release its preliminary GDP figures for the fourth quarter, expected at 0.2% inter-quarter and 0.4% on a yearly basis. Across the pond, February’s Consumer Sentiment gauged by the Reuters/Michigan index would be in the limelight, expected at 80.6 from 81.2. According to Camilla Sutton, Chief Strategist at Scotiabank, the pair’s short-term technicals are mixed and range bound. “Support provided by the 100-day MA has proven weak, leaving today’s open as near-term support at 1.3593 and 1.3700 as resistance”, concluded Sutton.
EUR/USD key levels
The pair is now advancing 0.59% at 1.3673 and a breakout of 1.3685 (high Jan.29) would target 1.3689 (high Jan.28) en route to 1.3716 (high Jan.27). On the downside, the initial support is parked at 1.3572 (10-d MA) followed by 1.3563 (low Feb.12) and finally 1.3552 (low Feb.7).
EUR/USD focus on EMU’s GDP
The pair largely benefited from the poor US retail sales during January, quickly leaving behind the 1.3600 barrier and heading towards 1.3700. Key day for the EUR tomorrow, as the EMU will release its preliminary GDP figures for the fourth quarter, expected at 0.2% inter-quarter and 0.4% on a yearly basis. Across the pond, February’s Consumer Sentiment gauged by the Reuters/Michigan index would be in the limelight, expected at 80.6 from 81.2. According to Camilla Sutton, Chief Strategist at Scotiabank, the pair’s short-term technicals are mixed and range bound. “Support provided by the 100-day MA has proven weak, leaving today’s open as near-term support at 1.3593 and 1.3700 as resistance”, concluded Sutton.
EUR/USD key levels
The pair is now advancing 0.59% at 1.3673 and a breakout of 1.3685 (high Jan.29) would target 1.3689 (high Jan.28) en route to 1.3716 (high Jan.27). On the downside, the initial support is parked at 1.3572 (10-d MA) followed by 1.3563 (low Feb.12) and finally 1.3552 (low Feb.7).