Back
28 Feb 2014
EUR/USD keeps session highs
FXStreet (Edinburgh) - The shared currency is trading on a firmer tone at the end of the week, taking the EUR/USD to the upper band of the weekly range beyond 1.3800 the figure.
EUR/USD in 2014 highs
Higher than expected inflation figures in the euro area during February (0.8% YoY) have prompted investors to start pricing in the (now) unlikely chance of the ECB to incur in further easing in its monetary policy meeting next week. Spot escalated one big-figure in the wake of the release, keeping the topside since then. According to Camilla Sutton, Chief FX Strategist at Scotiabank, the pair’s technicals are bullish, adding “all studies are in buy territory and upward momentum is strong. EUR appears poised to make a near term test of the December 27th high of 1.3893”.
EUR/USD levels to consider
At the moment the pair is up 0.74% at 1.3811 facing the next resistance at 1.3824 (2014 high Feb.28) followed by 1.3894 (2013 high Dec.27) and then 1.3900 (psychological level). On the downside, a breach of 1.3694 (low Feb.28) would target 1.3660 (21-d MA) en route to 1.3647 (daily cloud base).
EUR/USD in 2014 highs
Higher than expected inflation figures in the euro area during February (0.8% YoY) have prompted investors to start pricing in the (now) unlikely chance of the ECB to incur in further easing in its monetary policy meeting next week. Spot escalated one big-figure in the wake of the release, keeping the topside since then. According to Camilla Sutton, Chief FX Strategist at Scotiabank, the pair’s technicals are bullish, adding “all studies are in buy territory and upward momentum is strong. EUR appears poised to make a near term test of the December 27th high of 1.3893”.
EUR/USD levels to consider
At the moment the pair is up 0.74% at 1.3811 facing the next resistance at 1.3824 (2014 high Feb.28) followed by 1.3894 (2013 high Dec.27) and then 1.3900 (psychological level). On the downside, a breach of 1.3694 (low Feb.28) would target 1.3660 (21-d MA) en route to 1.3647 (daily cloud base).