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3 Jun 2014
EUR/USD prints highs beyond 1.3620
FXStreet (Edinburgh) - The EUR-bulls are pushing for more, now lifting the EUR/USD to post fresh intraday highs in the 1.3625/30 region.
EUR/USD firmer above 1.3600
The pair continues to trade in a better mood although market participants keep the cautious tone ahead of the ECB meeting on Thursday. It seems markets have almost fully priced in a rate cut and the implementation of another (maybe) unconventional measure, with consensus keeps suggesting a very close call. In the opinion of Dmytro Bondar, Technical Analyst at RBS, “The current range of 1.3592 – 1.3650 formed by Fibonacci projections from the May impulse wave still sees more chances of a downside breakout rather than upside. If so, there sill be a good chance of reaching the ultimate 1.3500 target, which stands out as a key projection from the same move”.
EUR/USD relevant levels
At the moment the pair is up 0.20% at 1.3623 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 firmer above 1.3600
The pair continues to trade in a better mood although market participants keep the cautious tone ahead of the ECB meeting on Thursday. It seems markets have almost fully priced in a rate cut and the implementation of another (maybe) unconventional measure, with consensus keeps suggesting a very close call. In the opinion of Dmytro Bondar, Technical Analyst at RBS, “The current range of 1.3592 – 1.3650 formed by Fibonacci projections from the May impulse wave still sees more chances of a downside breakout rather than upside. If so, there sill be a good chance of reaching the ultimate 1.3500 target, which stands out as a key projection from the same move”.
EUR/USD relevant levels
At the moment the pair is up 0.20% at 1.3623 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).