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12 Mar 2014
EUR/USD wobbles around 1.3900
FXStreet (Edinburgh) -The single currency remains in the gates of 1.3900 on Wednesday, with the EUR/USD trading in the 1.3890/1.3900 area.
EUR/USD eyes on 1.3915, 2014 peaks
The euro pierced the 1.3900 handle earlier on although the break lacked of conviction, returning to the 1.3890 region. Traders largely ignored mixed results from EMU’s Industrial Production during January (-0.2% MoM, 2.1% YoY), and they would pay attention to tomorrow’s US Retail Sales and Initial Claims as the next catalysts for price action. Regarding the recent result from the bloc’s industrial sector, Analyst Clemente De Lucia at BNP Paribas commented, “Mild weather during the winter drastically affected production in the energy sector. By contrast, other sectors, such as construction, benefited from the weather conditions. The recovery should continue and gather pace in the first half of the year”.
EUR/USD levels to watch
The pair is now advancing 0.29% at 1.3901 and a surpass of 1.3915 (2014 high Mar.7) would target 1.400 (psychological level) en route to 1.4172 (high Oct.31 2011). On the downside, the immediate support lines up at 1.3843 (low Mar.12) ahead of 1.3834 (low Mar.11) and finally 1.3811 (23.6% of 1.3477-1.3915).
EUR/USD eyes on 1.3915, 2014 peaks
The euro pierced the 1.3900 handle earlier on although the break lacked of conviction, returning to the 1.3890 region. Traders largely ignored mixed results from EMU’s Industrial Production during January (-0.2% MoM, 2.1% YoY), and they would pay attention to tomorrow’s US Retail Sales and Initial Claims as the next catalysts for price action. Regarding the recent result from the bloc’s industrial sector, Analyst Clemente De Lucia at BNP Paribas commented, “Mild weather during the winter drastically affected production in the energy sector. By contrast, other sectors, such as construction, benefited from the weather conditions. The recovery should continue and gather pace in the first half of the year”.
EUR/USD levels to watch
The pair is now advancing 0.29% at 1.3901 and a surpass of 1.3915 (2014 high Mar.7) would target 1.400 (psychological level) en route to 1.4172 (high Oct.31 2011). On the downside, the immediate support lines up at 1.3843 (low Mar.12) ahead of 1.3834 (low Mar.11) and finally 1.3811 (23.6% of 1.3477-1.3915).