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1 Apr 2014
EUR/USD treading water near 1.3800
FXStreet (Edinburgh) - The EUR/USD keeps the bid tone on Tuesday, looking to consolidate the intraday upside just below the 1.3800 handle.
EUR/USD bolstered by data
Mixed results from European manufacturing PMIs plus a not-so-bad unemployment rate in the bloc – steady at 11.9%, although better than estimates – is helping spot to consolidate in the upper 1.3700s, although it lacks upside momentum to break above 1.3800 the figure. “Recent EUR underperformance on the crosses and background apprehension towards this Thursday’s ECB meeting may see the pair remaining top heavy in the next few sessions with the 55-day MA (1.3716) providing near term support”, suggested Emmanuel Ng, Strategist at OCBC Bank.
EUR/USD levels to watch
At the moment the pair is up 0.17% at 1.3793 with the immediate resistance at 1.3810 (high Mar.31) ahead of 1.3827 (high Mar.26) and finally 1.3828 (21-d MA). On the downside, a break below 1.3721 9LOW Mar.31) would target 1.3716 (55-d MA) en route to 1.3704 (low Mar.28).
EUR/USD bolstered by data
Mixed results from European manufacturing PMIs plus a not-so-bad unemployment rate in the bloc – steady at 11.9%, although better than estimates – is helping spot to consolidate in the upper 1.3700s, although it lacks upside momentum to break above 1.3800 the figure. “Recent EUR underperformance on the crosses and background apprehension towards this Thursday’s ECB meeting may see the pair remaining top heavy in the next few sessions with the 55-day MA (1.3716) providing near term support”, suggested Emmanuel Ng, Strategist at OCBC Bank.
EUR/USD levels to watch
At the moment the pair is up 0.17% at 1.3793 with the immediate resistance at 1.3810 (high Mar.31) ahead of 1.3827 (high Mar.26) and finally 1.3828 (21-d MA). On the downside, a break below 1.3721 9LOW Mar.31) would target 1.3716 (55-d MA) en route to 1.3704 (low Mar.28).