7 Apr 2014
EUR/USD makes fresh highs
FXStreet (Córdoba) - Following a period of hesitation below 1.3720, the EUR/USD managed to stretch to fresh daily highs during the European session helped by solid German industrial production data.
The EUR/USD extended its recovery to a high of 1.3727 following last week's stumble and it is currently trading at the 1.3725 area, up 0.2% on the day. Last Friday, reports suggesting the ECB is modeling up a 1 trillion QE plan weighed on the euro and sent the EUR/USD to a 1-month low of 1.3672.
EUR/USD technical outlook
From a technical perspective Valeria Bednarik, chief analyst at FXStreet notes the 1.3730 area comes as immediate resistance level to break to confirm a bullish extension towards the 1.3750/80 price zone. "The downside is being defended by buyers around 1.3660 (Fibo level) and 1.3680, a long term ascendant trend line coming from 1.2755: it takes a price acceleration below this area to trigger a bearish run, looking then for a test of 1.3600/20 price zone".
The EUR/USD extended its recovery to a high of 1.3727 following last week's stumble and it is currently trading at the 1.3725 area, up 0.2% on the day. Last Friday, reports suggesting the ECB is modeling up a 1 trillion QE plan weighed on the euro and sent the EUR/USD to a 1-month low of 1.3672.
EUR/USD technical outlook
From a technical perspective Valeria Bednarik, chief analyst at FXStreet notes the 1.3730 area comes as immediate resistance level to break to confirm a bullish extension towards the 1.3750/80 price zone. "The downside is being defended by buyers around 1.3660 (Fibo level) and 1.3680, a long term ascendant trend line coming from 1.2755: it takes a price acceleration below this area to trigger a bearish run, looking then for a test of 1.3600/20 price zone".