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19 Feb 2014
EUR/USD back to 1.3760
FXStreet (Edinburgh) - Better risk sentiment is supporting the current recovery of the EUR/USD, pushing through 1.3760 after dipping below 1.3740.
EUR/USD focus on the FOMC minutes
Less auspicious results from US Building Permits and Housing Starts prompted funds to seek riskier assets in detriment of the greenback, allowing spot to return to the 1.3760/65 region so far. The FOMC minutes are due later although market participants seem to be quite sceptic so far. According to analysts at BBH, “We would not expect a strong market reaction. Yellen's testimony before Congress seemed to underscore that there is a relatively high bar to deviating from the continued measured tapering”.
EUR/USD relevant levels
At the moment the pair is losing 0.01% at 1.3756 and a breach of 1.3695 (low Feb.18) would target 1.3685 (low Feb.17) en route to 1.3674 (low Feb.14). On the upside, the next resistance lines up at 1.3773 (high Feb.19) followed by 1.3777 (2014 high Jan.2) and then 1.3796 (76.4% of 1.3894-1.3477).
EUR/USD focus on the FOMC minutes
Less auspicious results from US Building Permits and Housing Starts prompted funds to seek riskier assets in detriment of the greenback, allowing spot to return to the 1.3760/65 region so far. The FOMC minutes are due later although market participants seem to be quite sceptic so far. According to analysts at BBH, “We would not expect a strong market reaction. Yellen's testimony before Congress seemed to underscore that there is a relatively high bar to deviating from the continued measured tapering”.
EUR/USD relevant levels
At the moment the pair is losing 0.01% at 1.3756 and a breach of 1.3695 (low Feb.18) would target 1.3685 (low Feb.17) en route to 1.3674 (low Feb.14). On the upside, the next resistance lines up at 1.3773 (high Feb.19) followed by 1.3777 (2014 high Jan.2) and then 1.3796 (76.4% of 1.3894-1.3477).