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18 Feb 2014
EUR/USD hits fresh 2014 high
FXStreet (Córdoba) - The EUR/USD extended gains to fresh highs at the beginning of the American session as the pair gained traction on the back of disappointing US data.
The EUR/USD broke above the 1.3750 resistance area and stretched to its highest level this year at 1.3770 before finding resistance. The EUR/USD is currently trading at the 1.3750 zone, recording a 0.3% gain on Tuesday. In the data front, the NY Empire State Manufacturing Index came in at 4.48 well below expectations of 9.00 in February, while net long-term TIC flows fell more than expected in December.
EUR/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet recently commented that accelerations beyond 1.3750 should signal a stronger advance, "eyeing then 1.3830 price zone, where the monthly descendant trend line coming from 1.6038 should offer strong resistance". On the other hand, "only below 1.3685 chances of a bearish corrective movement towards 1.3650 are clearer", Bednarik said.
The EUR/USD broke above the 1.3750 resistance area and stretched to its highest level this year at 1.3770 before finding resistance. The EUR/USD is currently trading at the 1.3750 zone, recording a 0.3% gain on Tuesday. In the data front, the NY Empire State Manufacturing Index came in at 4.48 well below expectations of 9.00 in February, while net long-term TIC flows fell more than expected in December.
EUR/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet recently commented that accelerations beyond 1.3750 should signal a stronger advance, "eyeing then 1.3830 price zone, where the monthly descendant trend line coming from 1.6038 should offer strong resistance". On the other hand, "only below 1.3685 chances of a bearish corrective movement towards 1.3650 are clearer", Bednarik said.