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17 Apr 2014
EUR/USD testing weekly highs
FXStreet (Edinburgh) - The single currency is now gathering pace vs. the greenback on Thursday, pushing the EUR/USD to test upper band of the weekly range near 1.3870.
EUR/USD looks to recover 1.3900
The pair continues to recover the ground lost last week, bouncing off sub-1.3800 levels (Tuesday) and looking to regain recent peaks above 1.3900 the figure. Spot would likely remain within the weekly range, as calendars are muted in both the euro area and US due to Easter festivities. “Based on the view that flows will continue to offer the EUR good support, we expect EUR/USD to remain in the 1.37-1.39 area in the weeks ahead and forecast only a modest move lower in to the EUR/USD1.34 area on a 6 mth view”, noted Jane Foley, Senior FX Strategist at Rabobank.
EUR/USD key levels
At the moment the pair is up 0.32% at 1.3860 with the next resistance at 1.3906 (high Apr.11) followed by 1.3935 (high Mar.19) and then 1.3967 (2014 high Mar.13). On the downside, a break below 1.3814 (low Apr.17) would target 1.3807 (low Apr.16) en route to 1.3790 (low Apr.15).
EUR/USD looks to recover 1.3900
The pair continues to recover the ground lost last week, bouncing off sub-1.3800 levels (Tuesday) and looking to regain recent peaks above 1.3900 the figure. Spot would likely remain within the weekly range, as calendars are muted in both the euro area and US due to Easter festivities. “Based on the view that flows will continue to offer the EUR good support, we expect EUR/USD to remain in the 1.37-1.39 area in the weeks ahead and forecast only a modest move lower in to the EUR/USD1.34 area on a 6 mth view”, noted Jane Foley, Senior FX Strategist at Rabobank.
EUR/USD key levels
At the moment the pair is up 0.32% at 1.3860 with the next resistance at 1.3906 (high Apr.11) followed by 1.3935 (high Mar.19) and then 1.3967 (2014 high Mar.13). On the downside, a break below 1.3814 (low Apr.17) would target 1.3807 (low Apr.16) en route to 1.3790 (low Apr.15).