Back
22 Apr 2014
EUR/USD regains 1.3800
FXStreet (Edinburgh) -After dropping to sub-1.3790 levels, the EUR/USD is now recovering the 1.3800 critical barrier.
EUR/USD attention to PMIs
A sudden bout of risk aversion dragged spot to test once again overnight lows in the 1.3800/1.3790 band, although the selling pressure lacked of conviction and allowed the EUR to recover ground. Data-wise, EMU’s flash Consumer Confidence improved to -8.70 for the month of April vs. previous estimates at -9.05. The pair would remain under pressure nonetheless, as advanced prints from manufacturing/services PMIs are due tomorrow in the euro bloc. “Weakness below intraday support around 1.3790 (the April 15th low and the 50% retracement support derived from the April 4-11th rally) suggests potential to extend lower towards 1.37”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
EUR/USD levels to watch
At the moment the pair is up 0.07% en 1.3804 with the next hurdle at 1.3830 (high Apr.21) followed by 1.3865 (high Apr.17) and then 1.3906 (high Apr.11). On the downside, a break below 1.3785 (low Apr.22) would open the door to 1.3780 (low Apr.9) and finally 1.3738 (low Apr.8).
EUR/USD attention to PMIs
A sudden bout of risk aversion dragged spot to test once again overnight lows in the 1.3800/1.3790 band, although the selling pressure lacked of conviction and allowed the EUR to recover ground. Data-wise, EMU’s flash Consumer Confidence improved to -8.70 for the month of April vs. previous estimates at -9.05. The pair would remain under pressure nonetheless, as advanced prints from manufacturing/services PMIs are due tomorrow in the euro bloc. “Weakness below intraday support around 1.3790 (the April 15th low and the 50% retracement support derived from the April 4-11th rally) suggests potential to extend lower towards 1.37”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
EUR/USD levels to watch
At the moment the pair is up 0.07% en 1.3804 with the next hurdle at 1.3830 (high Apr.21) followed by 1.3865 (high Apr.17) and then 1.3906 (high Apr.11). On the downside, a break below 1.3785 (low Apr.22) would open the door to 1.3780 (low Apr.9) and finally 1.3738 (low Apr.8).