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29 May 2014
EUR/USD climbs to highs near 1.3630
FXStreet (Edinburgh) - The shared currency is now prolonging its intraday ascent, lifting the EUR/USD to test fresh session highs just below 1.3630.
EUR/USD up after data
The pair is trading in a better tone after the second revision of the US GDP for the first quarter showed that the economy contracted deeper than expected 1.0% vs. 0.2% forecasted. Data from the US labour market showed Initial Claims dropping to 300K in the week ended on May 23rd, bettering previous estimates. Pending Home Sales is due next with consensus expecting a 1.0% advance MoM. “The rebound after 1.3614 low is corrective, preceding another sell-off towards 1.3560 area. Crucial resistance on the upside lies at 1.3688”, signalled Stoyan Mihaylov, Strategist at DeltaStock.com.
EUR/USD levels to watch
The pair is now up 0.17% at 1.3614 and a break above 1.3638 (high May 28) would open the door to 1.3643 (200-d MA) and finally 1.3669 (high May 27). On the downside, the immediate support aligns at 1.3585 (low Feb.13) ahead of 1.3563 (low Feb.12) and then 1.3552 (low Feb.7).
EUR/USD up after data
The pair is trading in a better tone after the second revision of the US GDP for the first quarter showed that the economy contracted deeper than expected 1.0% vs. 0.2% forecasted. Data from the US labour market showed Initial Claims dropping to 300K in the week ended on May 23rd, bettering previous estimates. Pending Home Sales is due next with consensus expecting a 1.0% advance MoM. “The rebound after 1.3614 low is corrective, preceding another sell-off towards 1.3560 area. Crucial resistance on the upside lies at 1.3688”, signalled Stoyan Mihaylov, Strategist at DeltaStock.com.
EUR/USD levels to watch
The pair is now up 0.17% at 1.3614 and a break above 1.3638 (high May 28) would open the door to 1.3643 (200-d MA) and finally 1.3669 (high May 27). On the downside, the immediate support aligns at 1.3585 (low Feb.13) ahead of 1.3563 (low Feb.12) and then 1.3552 (low Feb.7).