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27 Feb 2014
EUR/USD regains 1.3700 and beyond
FXStreet (Edinburgh) - The single currency is now accelerating the recovery against the greenback, pushing the EUR/USD back above the 1.3700 handle.
EUR/USD in session highs
The EUR continues to reclaim ground lost on Thursday, after increased risk aversion dragged the pair to fresh 2-week lows near 1.3640. The steep intraday decline found support after the upbeat data from EMU’s Economic Sentiment and Consumer Confidence. In light of these data, Carioline Wurtz, Analyst at BNP Paribas, commented, “Although the ESI has been on an upward trend since May 2013, its pace of increase moderated in recent months. The survey confirms the picture given by the composite PMI, also almost stable in February (at 52.7). Both indices suggest that the recovery remains moderated”.
EUR/USD levels to watch
As of writing the pair is advancing 0.18% at 1.3711 with the initial resistance at 1.3719 (10-d MA) followed by 1.3757 (high Feb.26) and finally 1.3768 (high Feb.25). On the flip side, a breach of 1.3642 (daily cloud top) would open the door to 1.3625 (50% of 1.3477-1.3773) and then 1.3585 (low Feb.13).
EUR/USD in session highs
The EUR continues to reclaim ground lost on Thursday, after increased risk aversion dragged the pair to fresh 2-week lows near 1.3640. The steep intraday decline found support after the upbeat data from EMU’s Economic Sentiment and Consumer Confidence. In light of these data, Carioline Wurtz, Analyst at BNP Paribas, commented, “Although the ESI has been on an upward trend since May 2013, its pace of increase moderated in recent months. The survey confirms the picture given by the composite PMI, also almost stable in February (at 52.7). Both indices suggest that the recovery remains moderated”.
EUR/USD levels to watch
As of writing the pair is advancing 0.18% at 1.3711 with the initial resistance at 1.3719 (10-d MA) followed by 1.3757 (high Feb.26) and finally 1.3768 (high Feb.25). On the flip side, a breach of 1.3642 (daily cloud top) would open the door to 1.3625 (50% of 1.3477-1.3773) and then 1.3585 (low Feb.13).