30 Dec 2013
EUR/USD advances toward 1.3800
FXstreet.com (Córdoba) - The EUR/USD edged higher and printed fresh daily highs at the beginning of the New York session as the dollar weakens slightly along with US yields.
The EUR/USD managed to overcome the 1.3770 zone and rose to a fresh daily high of 1.3788 in recent dealings. At time of writing, the EUR/USD is trading at the 1.3780 zone, recording a 0.2% gain on the day ahead of the next string of US data.
EUR/USD technical outlook
"The big ramp up in EUR/USD though seen Friday has been partially reversed at least today, leaving the 1.38 area as still looking like a zone of fairly strong resistance", says the TD Securities team. "The EUR spike higher came in thin liquidity conditions but the market is clearly reluctant to push the EUR significantly lower at the moment. ECB President Draghi’s remark that there was no urgent need to cut rates again provided some support for the EUR in overnight trading but we continue to view current levels as expensive from a fundamental and technical perspective and we expect the EUR to weaken gradually in the New Year".
The EUR/USD managed to overcome the 1.3770 zone and rose to a fresh daily high of 1.3788 in recent dealings. At time of writing, the EUR/USD is trading at the 1.3780 zone, recording a 0.2% gain on the day ahead of the next string of US data.
EUR/USD technical outlook
"The big ramp up in EUR/USD though seen Friday has been partially reversed at least today, leaving the 1.38 area as still looking like a zone of fairly strong resistance", says the TD Securities team. "The EUR spike higher came in thin liquidity conditions but the market is clearly reluctant to push the EUR significantly lower at the moment. ECB President Draghi’s remark that there was no urgent need to cut rates again provided some support for the EUR in overnight trading but we continue to view current levels as expensive from a fundamental and technical perspective and we expect the EUR to weaken gradually in the New Year".