6 May 2014
EUR/USD keeps moving north
FXStreet (Córdoba) - The EUR/USD continues to print fresh highs ahead of the New York opening underpinned by solid Eurozone PMIs and broad dollar weakness.
US trade balance figures couldn't help the dollar to shrug-off the bearish pressure, with deficit narrowing to $40.38 in March from $41.87 the previous month, exactly as expected.
The EUR/USD extended gains to as high as 1.3950, last seen March 13, having risen more than 70 pips throughout the day. At time of writing, the EUR/USD is trading at the 1.3945 area, recording 0.51% gain Tuesday.
EUR/USD moving toward 1.4000?
The EUR/USD is staging a modest rally but ahead of Thursday's ECB meeting, investors might refrain from taking the pair higher, specially when the central bank has warned against a too strong currency.
EUR/USD levels to watch
In the meantime, the 1.3965 area (2014 high Mar 13) seems a pretty tough resistance to clear, ahead of 1.3973 (Oct 26 2011 high) and 1.4000 (psychological level). To the downside, supports could be found at 1.3871 (May 6 low), 1.3856 (10-day SMA) and 1.3815 (50-day SMA).
US trade balance figures couldn't help the dollar to shrug-off the bearish pressure, with deficit narrowing to $40.38 in March from $41.87 the previous month, exactly as expected.
The EUR/USD extended gains to as high as 1.3950, last seen March 13, having risen more than 70 pips throughout the day. At time of writing, the EUR/USD is trading at the 1.3945 area, recording 0.51% gain Tuesday.
EUR/USD moving toward 1.4000?
The EUR/USD is staging a modest rally but ahead of Thursday's ECB meeting, investors might refrain from taking the pair higher, specially when the central bank has warned against a too strong currency.
EUR/USD levels to watch
In the meantime, the 1.3965 area (2014 high Mar 13) seems a pretty tough resistance to clear, ahead of 1.3973 (Oct 26 2011 high) and 1.4000 (psychological level). To the downside, supports could be found at 1.3871 (May 6 low), 1.3856 (10-day SMA) and 1.3815 (50-day SMA).