26 May 2014
EUR/USD edges higher, eyes on 1.3650
FXStreet (Edinburgh) - The single currency remains buoyant on Monday, now lifting the EUR/USD to post fresh intraday highs around 1.3645/50.
EUR/USD in 2-day highs
The pair is partially trimming the recent sharp pullback to the vicinity of 1.3600 the figure, managing to recover the mid-1.3600s. Next of note in the euro area will be the M3 Money Supply figures due on Wednesday ahead of confidence/sentiment gauges on Thursday. However, the main scenario remains unchanged: market participants continue to assess the potential easing measures by the ECB, as we get closer to the June 5th meeting. “Despite oversold conditions, the EUR down-move still appears incomplete. However, waning downward momentum suggests that a sustained break below 1.3600 is unlikely for now. Only a move above 1.3655 will indicate that an interim low is place”, observed Que Ser Leang, Market Strategist at UOB Group.
EUR/USD key levels
As of writing the pair is up 0.04% at 1.3635 and a surpass of 1.3658 (high May 23) would open the door to 1.3688 (high May 22) and finally 1.3723 (high May 21). On the flip side, the initial support aligns at 1.3616 (low May 23) followed by 1.3585 (low Feb.13) ahead of 1.3563 (low Feb.12).
EUR/USD in 2-day highs
The pair is partially trimming the recent sharp pullback to the vicinity of 1.3600 the figure, managing to recover the mid-1.3600s. Next of note in the euro area will be the M3 Money Supply figures due on Wednesday ahead of confidence/sentiment gauges on Thursday. However, the main scenario remains unchanged: market participants continue to assess the potential easing measures by the ECB, as we get closer to the June 5th meeting. “Despite oversold conditions, the EUR down-move still appears incomplete. However, waning downward momentum suggests that a sustained break below 1.3600 is unlikely for now. Only a move above 1.3655 will indicate that an interim low is place”, observed Que Ser Leang, Market Strategist at UOB Group.
EUR/USD key levels
As of writing the pair is up 0.04% at 1.3635 and a surpass of 1.3658 (high May 23) would open the door to 1.3688 (high May 22) and finally 1.3723 (high May 21). On the flip side, the initial support aligns at 1.3616 (low May 23) followed by 1.3585 (low Feb.13) ahead of 1.3563 (low Feb.12).