18 Feb 2014
EUR/USD very inactive, but…
FXStreet (Guatemala) - EUR/USD has been a very quiet pair over European, US and early Asia markets. However, the bulls and bears ate stacking up for the following data releases that could see a break out. On the upside we could be targeting the daily highs, to the downside, we could be en route for 1.3211.
Analysts at Commerzbank explained that the EUR/USD starts the week well placed to challenge the 1.3740/35 resistance – the recent high and Fibonacci retracement, where they look for the upmove to struggle. “The market remains slightly bid – failure will retarget 1.3476/59 – the recent low, the 55 month ma and Fibonacci retracement. This remains the break down point to 1.3211, the 2012-2014 uptrend”. From Europe, in Germany, we get the ZEW survey, which , as analysts at Rabobank point out, shows the market what market analysts think is going on in the German economy (and is thus something of an echo chamber). “Consensus is for the current situation reading to rise from 41.2 to 44.0, while expectations are seen edging down from 61.7 to 61.5”. In the US we get the Empire PMI (seen down from 12.6 to 9.0) and the NAHB house builders index (seen unchanged at 56).
EUR/USD Levels
The 20 DMA is 1.3606, the 50 DMA is 1.3653 and the 200 DMA is 1.3398. RSI (14) reads 44.83. Supports are ascending from 1.3620, 1.3637, 1.3658, 1.3674. Spot is 1.3700 while resistances are 1.3740,1.3780, 1.3795 and 1.3819.
Analysts at Commerzbank explained that the EUR/USD starts the week well placed to challenge the 1.3740/35 resistance – the recent high and Fibonacci retracement, where they look for the upmove to struggle. “The market remains slightly bid – failure will retarget 1.3476/59 – the recent low, the 55 month ma and Fibonacci retracement. This remains the break down point to 1.3211, the 2012-2014 uptrend”. From Europe, in Germany, we get the ZEW survey, which , as analysts at Rabobank point out, shows the market what market analysts think is going on in the German economy (and is thus something of an echo chamber). “Consensus is for the current situation reading to rise from 41.2 to 44.0, while expectations are seen edging down from 61.7 to 61.5”. In the US we get the Empire PMI (seen down from 12.6 to 9.0) and the NAHB house builders index (seen unchanged at 56).
EUR/USD Levels
The 20 DMA is 1.3606, the 50 DMA is 1.3653 and the 200 DMA is 1.3398. RSI (14) reads 44.83. Supports are ascending from 1.3620, 1.3637, 1.3658, 1.3674. Spot is 1.3700 while resistances are 1.3740,1.3780, 1.3795 and 1.3819.