27 May 2014
EUR/USD finds support at 1.3640
FXStreet (Edinburgh) - After bottoming in the area of 1.3640, the EUR/USD is now picking up pace again, looking to recover the 1.3655/60 region.
EUR/USD still bearish ahead of the ECB
The key 200-day MA around 1.3640 is acting as a fair decent support so far, keeping sellers at bay while the ECB meeting on June 5th is looming. There is nothing in terms of data releases in the euro bloc today, with US Durable Goods Orders, Consumer Confidence and the S&P/Case-Shiller index expecting to bring some volatility to the markets. “The ongoing improvement in global investor risk sentiment has also been supported by expectations of further ECB monetary easing in the near-term… The latest IMM report revealed that speculators continue to build euro short positions in the near-term ahead of the next ECB policy meeting”, noted Lee Hardman, Currency Economist at BTMU.
EUR/USD levels to watch
At the moment the pair is up 0.02% at 1.3649 with the next resistance at 1.3669 (high May 27) ahead of 1.3675 (Tenkan Sen) and then 1.3688 (high May 22). On the downside, a breach of 1.3615 (low May 23) would open the door to 1.3585 (low Feb.13) and finally 1.3563 (low Feb.12).
EUR/USD still bearish ahead of the ECB
The key 200-day MA around 1.3640 is acting as a fair decent support so far, keeping sellers at bay while the ECB meeting on June 5th is looming. There is nothing in terms of data releases in the euro bloc today, with US Durable Goods Orders, Consumer Confidence and the S&P/Case-Shiller index expecting to bring some volatility to the markets. “The ongoing improvement in global investor risk sentiment has also been supported by expectations of further ECB monetary easing in the near-term… The latest IMM report revealed that speculators continue to build euro short positions in the near-term ahead of the next ECB policy meeting”, noted Lee Hardman, Currency Economist at BTMU.
EUR/USD levels to watch
At the moment the pair is up 0.02% at 1.3649 with the next resistance at 1.3669 (high May 27) ahead of 1.3675 (Tenkan Sen) and then 1.3688 (high May 22). On the downside, a breach of 1.3615 (low May 23) would open the door to 1.3585 (low Feb.13) and finally 1.3563 (low Feb.12).