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25 Feb 2014
EUR/USD climbs to highs, 1.3770 eyed
FXStreet (Edinburgh) - The shared currency is gathering steam now, pushing the EUR/USD to another test of the area beyond 1.3750 on Tuesday.
EUR/USD breaking the congestion pattern
The pair is now attempting to break above the overnight prevailing pattern in the area of 1.3740, climbing to the vicinity of 1.3760 and closer to yesterday’s peaks beyond 1.3770.
Earlier on, German GDP figures for the last three months of 2013 left no room for surprises, expanding in line with expectations 0.4% inter-quarter. Ahead in the day, Italian retail sales are due next followed by the more relevant Economic Growth Forecasts by the European Commission. “The pair may continue to be bordered by its 55-day MA (1.3661) and the potential resistance around 1.3785 amid our preference for a supported tone”, observed Emmanuel Ng, Strategist at OCBC Bank.
EUR/USD levels to watch
As of writing the pair is advancing 0.14% at 1.3753 with the next hurdle at 1.3773 (high Feb.19) followed by 1.3777 (2014 high Jan.2) and finally 1.3796 (76.4% of 1.3894-1.3477). On the flip side, a breakdown of 1.3702 (low Feb.21) would target 1.3701 (10-d MA) en route to 1.3685 (low Feb.20).
EUR/USD breaking the congestion pattern
The pair is now attempting to break above the overnight prevailing pattern in the area of 1.3740, climbing to the vicinity of 1.3760 and closer to yesterday’s peaks beyond 1.3770.
Earlier on, German GDP figures for the last three months of 2013 left no room for surprises, expanding in line with expectations 0.4% inter-quarter. Ahead in the day, Italian retail sales are due next followed by the more relevant Economic Growth Forecasts by the European Commission. “The pair may continue to be bordered by its 55-day MA (1.3661) and the potential resistance around 1.3785 amid our preference for a supported tone”, observed Emmanuel Ng, Strategist at OCBC Bank.
EUR/USD levels to watch
As of writing the pair is advancing 0.14% at 1.3753 with the next hurdle at 1.3773 (high Feb.19) followed by 1.3777 (2014 high Jan.2) and finally 1.3796 (76.4% of 1.3894-1.3477). On the flip side, a breakdown of 1.3702 (low Feb.21) would target 1.3701 (10-d MA) en route to 1.3685 (low Feb.20).