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16 Apr 2014
EUR/USD slumps to 1.3800
FXStreet (Edinburgh) - The single currency is now giving away earlier gains, dragging the EUR/USD back to test the 1.3800 key support.
EUR/USD putting 1.3800 to the test
Selling orders seem to be crowded around the 1.3840/50 band on Wednesday, although the broader picture remains one of reluctance to recede ground below 1.3800. Next on tap will be the speeches by Fed’s Lockhart and Yellen’s, all preceding the Beige Book. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “We are medium term EUR bears; however until near term sentiment shifts and capital flows ease it is too early to position for EUR downside”.
EUR/USD levels to watch
At the moment the pair is up 0.01% at 1.3815 with the next resistance at 1.3863 (high Apr.14) and then 1.3906 (high Apr.11). On the downside, a break below 1.3807 (low Apr.16) would open the door to 1.3790 (low Apr.15and finally 1.3780 (low Apr.9).
EUR/USD putting 1.3800 to the test
Selling orders seem to be crowded around the 1.3840/50 band on Wednesday, although the broader picture remains one of reluctance to recede ground below 1.3800. Next on tap will be the speeches by Fed’s Lockhart and Yellen’s, all preceding the Beige Book. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “We are medium term EUR bears; however until near term sentiment shifts and capital flows ease it is too early to position for EUR downside”.
EUR/USD levels to watch
At the moment the pair is up 0.01% at 1.3815 with the next resistance at 1.3863 (high Apr.14) and then 1.3906 (high Apr.11). On the downside, a break below 1.3807 (low Apr.16) would open the door to 1.3790 (low Apr.15and finally 1.3780 (low Apr.9).