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3 Jun 2014
EUR/USD pushes beyond 1.3600
FXStreet (Edinburgh) - The single currency bounced off session troughs in sub-1.3590 levels, pushing the EUR/USD back above the 1.3600 handle.
EUR/USD more confident above 1.3600
It seems today’s mixed data from the euro area – lower May’s CPI and lower unemployment rate – are enough to keep the trade above 1.3600 the figure ahead of tomorrow’s Services PMI prints and EMU’s GDP figures for the first quarter. Next of relevance data-wise will be US Factory Orders (0.5% MoM in April) although it’s unlikely to affect the pair. In the opinion of Dominic Rossi, Global Chief Investment Officer at Fidelity Worldwide Investment, “Today’s inflation numbers underscores the need for the ECB to act. The ECB has consistently underestimated the deflationary forces threatening Europe and now is the time for unconventional monetary policy”.
EUR/USD relevant levels
At the moment the pair is up 0.11% at 1.3611 facing the next resistance at 1.3637 (Tenkan Sen) followed by 1.3644 (high Jun.2) and finally 1.3650 (high May 30). On the flip side, a break below 1.3586 (low May 29) would open the door to 1.3585 (low Feb.13) and then 1.3563 (low Feb.12).
EUR/USD more confident above 1.3600
It seems today’s mixed data from the euro area – lower May’s CPI and lower unemployment rate – are enough to keep the trade above 1.3600 the figure ahead of tomorrow’s Services PMI prints and EMU’s GDP figures for the first quarter. Next of relevance data-wise will be US Factory Orders (0.5% MoM in April) although it’s unlikely to affect the pair. In the opinion of Dominic Rossi, Global Chief Investment Officer at Fidelity Worldwide Investment, “Today’s inflation numbers underscores the need for the ECB to act. The ECB has consistently underestimated the deflationary forces threatening Europe and now is the time for unconventional monetary policy”.
EUR/USD relevant levels
At the moment the pair is up 0.11% at 1.3611 facing the next resistance at 1.3637 (Tenkan Sen) followed by 1.3644 (high Jun.2) and finally 1.3650 (high May 30). On the flip side, a break below 1.3586 (low May 29) would open the door to 1.3585 (low Feb.13) and then 1.3563 (low Feb.12).