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27 Jan 2014
EUR/USD does not give up on 1.37
FXstreet.com (Edinburgh) - The EUR/USD is posting marginal gains at the beginning of the week, hovering over 1.3680/85 before the opening bell in London.
EUR/USD eyes on IFO
The pair has been trading in a narrow range since Friday, looking to stabilize at current levels after posting 3-week highs near 1.3740. While markets look for a clear direction, the salient event in the euro area today will be the release of the German IFO indicator, where consensus expects the series to improve in all of its components. “The euro's recovery ran out of steam near $1.3740, just shy of a Fibonacci retracement (61.8%) of that down move. Initial support is seen near $1.3640. The 100-day average is found just above $1.3580”, noted analysts at BBH.
EUR/USD key levels
The pair is now advancing 0.05% at 1.3683 with the next resistance at 1.3740 (high Jan.24) followed by 1.3776 (2014 high Jan.2) and then 1.3819 (high Dec.30). On the flip side, a breakdown of 1.3662 (daily cloud top) would expose 1.3645 (21-d MA) and finally 1.3610 (10-d MA).
EUR/USD eyes on IFO
The pair has been trading in a narrow range since Friday, looking to stabilize at current levels after posting 3-week highs near 1.3740. While markets look for a clear direction, the salient event in the euro area today will be the release of the German IFO indicator, where consensus expects the series to improve in all of its components. “The euro's recovery ran out of steam near $1.3740, just shy of a Fibonacci retracement (61.8%) of that down move. Initial support is seen near $1.3640. The 100-day average is found just above $1.3580”, noted analysts at BBH.
EUR/USD key levels
The pair is now advancing 0.05% at 1.3683 with the next resistance at 1.3740 (high Jan.24) followed by 1.3776 (2014 high Jan.2) and then 1.3819 (high Dec.30). On the flip side, a breakdown of 1.3662 (daily cloud top) would expose 1.3645 (21-d MA) and finally 1.3610 (10-d MA).