9 Apr 2014
EUR/USD unable to take off
FXStreet (Córdoba) - The EUR/USD has failed once again to break decisively above the 1.3810 area at the beginning of the New York session, despite several attempts.
The EUR/USD stretched to a marginal new high of 1.3814 but it was quickly dragged back top the 1.3800 comfort area. Having made a daily high at 1.3814 and low at 1.3780, EUR/USD spot is virtually unchanged on the day and presently trading at 1.3800.
In the macroeconomic domain, the US reported February wholesale inventories rose 0.5% matching forecast while sales increased 0.7% below the 1.0% rise expected. Investors' attention now turns to the FOMC minutes to be released at 18:00GMT.
EUR/USD outlook
"The hourly chart shows at least the pair found buyers around the 1.3780 static Fibonacci support, yet remains below the descendant trend line coming from 1.3966, today around 1.3825", said Valeria Bednarik, chief analyst at FXStreet. "In the meantime, stocks halted last days' bleeding and post some shy intraday gains ahead of US opening. Nevertheless, the market will likely wait for the Federal Reserve, expected to maintain the tone of previous meetings. If that's the case and we continue to lack a certain date for rate hikes, the pair may finally break higher and extend towards the 1.3880 price zone".
The EUR/USD stretched to a marginal new high of 1.3814 but it was quickly dragged back top the 1.3800 comfort area. Having made a daily high at 1.3814 and low at 1.3780, EUR/USD spot is virtually unchanged on the day and presently trading at 1.3800.
In the macroeconomic domain, the US reported February wholesale inventories rose 0.5% matching forecast while sales increased 0.7% below the 1.0% rise expected. Investors' attention now turns to the FOMC minutes to be released at 18:00GMT.
EUR/USD outlook
"The hourly chart shows at least the pair found buyers around the 1.3780 static Fibonacci support, yet remains below the descendant trend line coming from 1.3966, today around 1.3825", said Valeria Bednarik, chief analyst at FXStreet. "In the meantime, stocks halted last days' bleeding and post some shy intraday gains ahead of US opening. Nevertheless, the market will likely wait for the Federal Reserve, expected to maintain the tone of previous meetings. If that's the case and we continue to lack a certain date for rate hikes, the pair may finally break higher and extend towards the 1.3880 price zone".