25 Apr 2014
EUR/USD drifts slightly up, still rangebound
FXStreet (Córdoba) - The EUR/USD managed to advance a tad during the European session and hit a 2-day high. However, the euro seems unable to gather enough momentum and remains trapped in a range.
On Thursday, ECB President Draghi sounded quite dovish and warned against the strong currency. Nevertheless, the shared currency held up pretty well, closing the day with gains for third time in a row.
With no data or speakers for inspiration today, the EUR/USD moved slightly up and reached a high of 1.3847 before finding resistance. At time of writing, the pair is trading at 1.3840, up 0.07% on the day.
EUR/USD technical perspective
Valeria Bednarik, chief analyst at FXStreet notes that short-term readings hold a slightly bullish tone, although the pair remains constrained within a range. "Immediate support comes around 1.3820, and a price acceleration below it should lead to a retest of 1.3780 yet further falls seem quite unlikely for today. To the upside, the pair is still capped by 1.3860, and only above it will be able to extend gains up to 1.3900 price zone".
On Thursday, ECB President Draghi sounded quite dovish and warned against the strong currency. Nevertheless, the shared currency held up pretty well, closing the day with gains for third time in a row.
With no data or speakers for inspiration today, the EUR/USD moved slightly up and reached a high of 1.3847 before finding resistance. At time of writing, the pair is trading at 1.3840, up 0.07% on the day.
EUR/USD technical perspective
Valeria Bednarik, chief analyst at FXStreet notes that short-term readings hold a slightly bullish tone, although the pair remains constrained within a range. "Immediate support comes around 1.3820, and a price acceleration below it should lead to a retest of 1.3780 yet further falls seem quite unlikely for today. To the upside, the pair is still capped by 1.3860, and only above it will be able to extend gains up to 1.3900 price zone".