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7 Mar 2014
EUR/USD treading water around 1.3880
FXStreet (Edinburgh) - It seems the weekend has already started for the single currency, with the EUR/USD flat-lining around the 1.3875/80 area.
EUR/USD upside bias intact
Very positive week for the EUR so far, although it could have been better should US Payrolls have come on the soft side today (175K act. vs. 149K exp.). Market participants would remain vigilant over the weekend however, regarding events in the Crimean peninsula and Chinese inflation and trade balance figures. Looking towards Monday’s docket, Investor Confidence gauged by the Sentix index would be in the limelight. Camilla Sutton, Chief FX Strategist at Scotiabank, noted the short term technicals remains bullish, “with building upside momentum; we expect a near-term test up to 1.40”.
EUR/USD levels to watch
At the moment the pair is up 0.07% at 1.3868 with the immediate resistance at 1.3915 (2014 high Mar.7) followed by 1.4000 (psychological level) ahead of 1.4172 (high Oct.31 2011). On the flip side, a breakdown of 1.3853 (low Mar.7) would target 1.3721 (low Mar.6) en route to 1.3707 (low Mar.5).
EUR/USD upside bias intact
Very positive week for the EUR so far, although it could have been better should US Payrolls have come on the soft side today (175K act. vs. 149K exp.). Market participants would remain vigilant over the weekend however, regarding events in the Crimean peninsula and Chinese inflation and trade balance figures. Looking towards Monday’s docket, Investor Confidence gauged by the Sentix index would be in the limelight. Camilla Sutton, Chief FX Strategist at Scotiabank, noted the short term technicals remains bullish, “with building upside momentum; we expect a near-term test up to 1.40”.
EUR/USD levels to watch
At the moment the pair is up 0.07% at 1.3868 with the immediate resistance at 1.3915 (2014 high Mar.7) followed by 1.4000 (psychological level) ahead of 1.4172 (high Oct.31 2011). On the flip side, a breakdown of 1.3853 (low Mar.7) would target 1.3721 (low Mar.6) en route to 1.3707 (low Mar.5).