4 Mar 2014
EUR/USD on its way to 1.3720?
FXStreet (Edinburgh) - The EUR is now rapidly depreciating against the greenback on Tuesday, dragging the EUR/USD to the area below 1.3730.
EUR/USD testing lows
The re-emergence of the risk aversion is now punishing the markets, prompting the pair to retrace almost the whole overnight bounce off 1.3720 to levels beyond 1.3780. In light of the ECB gathering due on Thursday, Senior Strategist Brian Martin at ANZ assessed, “We feel it would take a downgrading of the ECB’s inflation outlook and/or some minor tweak to policy settings to weaken the currency, although from a medium-term perspective that would provide a buying opportunity”.
EUR/USD important levels
The pair is now advancing 0.02% at 1.3733 with the next resistance at 1.3793 (high Mar.3) followed by 1.3825 (2014 high Feb.28) and then 1.3894 (2013 high Dec.27). On the flip side, a breakdown of 1.3718 (low Mar.4) would target 1.3694 (low Feb.28) en route to 1.3683 (21-d MA).
EUR/USD testing lows
The re-emergence of the risk aversion is now punishing the markets, prompting the pair to retrace almost the whole overnight bounce off 1.3720 to levels beyond 1.3780. In light of the ECB gathering due on Thursday, Senior Strategist Brian Martin at ANZ assessed, “We feel it would take a downgrading of the ECB’s inflation outlook and/or some minor tweak to policy settings to weaken the currency, although from a medium-term perspective that would provide a buying opportunity”.
EUR/USD important levels
The pair is now advancing 0.02% at 1.3733 with the next resistance at 1.3793 (high Mar.3) followed by 1.3825 (2014 high Feb.28) and then 1.3894 (2013 high Dec.27). On the flip side, a breakdown of 1.3718 (low Mar.4) would target 1.3694 (low Feb.28) en route to 1.3683 (21-d MA).