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12 Mar 2014
EUR/USD capped by 1.3915
FXStreet (Edinburgh) - The shared currency keeps the bid tone at the end of the US session on Wednesday, with the EUR/USD flirting with ytd highs near 1.3915.
EUR/USD looks to consolidate above 1.3900
The pair is extending its bullish momentum beyond the 1.3900 handle, trading at shouting distance from 2014 highs at 1.3915. After two consecutive sessions in red, spot managed to revert the correction and head towards the upper band of the range around 1.3900/10. According to Camilla Sutton, Chief FX Strategist at Scotiabank, short-term technicals remain bullish, adding “consolidation within tight range over past four sessions has moderated bullish momentum indicators. Key downside levels include 1.3820, close to the 9-day MA (1.3717)”.
EUR/USD levels to watch
The pair is now advancing 0.34% at 1.3907 and a surpass of 1.3915 (2014 high Mar.7) would target 1.400 (psychological level) en route to 1.4172 (high Oct.31 2011). On the downside, the immediate support lines up at 1.3843 (low Mar.12) ahead of 1.3834 (low Mar.11) and finally 1.3811 (23.6% of 1.3477-1.3915).
EUR/USD looks to consolidate above 1.3900
The pair is extending its bullish momentum beyond the 1.3900 handle, trading at shouting distance from 2014 highs at 1.3915. After two consecutive sessions in red, spot managed to revert the correction and head towards the upper band of the range around 1.3900/10. According to Camilla Sutton, Chief FX Strategist at Scotiabank, short-term technicals remain bullish, adding “consolidation within tight range over past four sessions has moderated bullish momentum indicators. Key downside levels include 1.3820, close to the 9-day MA (1.3717)”.
EUR/USD levels to watch
The pair is now advancing 0.34% at 1.3907 and a surpass of 1.3915 (2014 high Mar.7) would target 1.400 (psychological level) en route to 1.4172 (high Oct.31 2011). On the downside, the immediate support lines up at 1.3843 (low Mar.12) ahead of 1.3834 (low Mar.11) and finally 1.3811 (23.6% of 1.3477-1.3915).