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3 Jun 2014
EUR/USD back towards 200 SMA
FXStreet (Guatemala) - EUR/USD is trading at 1.3628, up 0.24% on the day, having posted a daily high at 1.3648 and low at 1.3586.
EUR/USD is bid on the day and moving against the grain on an event driven week that is sure to keep us glued to the screens. The pair has however ran into resistance and dropped back into potential supporting areas in the 1.3620’s. Valeria Bednarik, Chief Analyst with FXStreet looked into the ECB coming up this week and explained the ECB has a suite of policy options to deploy, but said, “What may really have a strong impact is if the ECB finally turns on the printing machine to buy assets, something market is not counting on”. In respect of that, she added, “We will be on a scenario where the US is ending its QE while the EU is barely starting it: the imbalance among both economies will put the common currency under pressure and boost greenback across the board, yet the EUR will likely suffer against all of its rivals."
EUR/USD Levels
Spot is presently trading at 1.3629, and next resistance can be seen at 1.3630 (Weekly Classic PP), 1.3635 (Weekly High), 1.3638 (Yesterday's High), 1.3644 (Daily 200 SMA) and 1.3648 (Daily High). Next support to the downside can be found at 1.3627 (Daily Classic R1), 1.3626 (Hourly 200 SMA), 1.3618 (Hourly 20 EMA), 1.3610 (Hourly 100 SMA) and 1.3607 (Daily Classic PP).
EUR/USD is bid on the day and moving against the grain on an event driven week that is sure to keep us glued to the screens. The pair has however ran into resistance and dropped back into potential supporting areas in the 1.3620’s. Valeria Bednarik, Chief Analyst with FXStreet looked into the ECB coming up this week and explained the ECB has a suite of policy options to deploy, but said, “What may really have a strong impact is if the ECB finally turns on the printing machine to buy assets, something market is not counting on”. In respect of that, she added, “We will be on a scenario where the US is ending its QE while the EU is barely starting it: the imbalance among both economies will put the common currency under pressure and boost greenback across the board, yet the EUR will likely suffer against all of its rivals."
EUR/USD Levels
Spot is presently trading at 1.3629, and next resistance can be seen at 1.3630 (Weekly Classic PP), 1.3635 (Weekly High), 1.3638 (Yesterday's High), 1.3644 (Daily 200 SMA) and 1.3648 (Daily High). Next support to the downside can be found at 1.3627 (Daily Classic R1), 1.3626 (Hourly 200 SMA), 1.3618 (Hourly 20 EMA), 1.3610 (Hourly 100 SMA) and 1.3607 (Daily Classic PP).