Back
27 Jan 2014
EUR/USD back to square one, 1.3680
FXstreet.com (Edinburgh) - The earlier bull run in the EUR/USD seems to have run out of legs in session peaks near 1.3720 post-IFO release, with spot now returning to the 1.3680 region.
EUR/USD weaker as sellers turn up
The selling pressure is gathering traction among traders now, pushing spot to test the lower band of today’s range around 1.3680/75. In light of the recent improvement in January’s IFO in Germany, Caroline Newhouse, Supervision of Publications in BNP Paribas, commented, “The IFO survey confirms the PMI survey, released last week. The PMI composite output index was up from 55 to 55.9 in January, the highest level since June 2011, remaining above the 50-threshold for the ninth month in a row”.
EUR/USD levels to watch
As of writing the pair is up 0.01% at 1.3677 and a break above 1.3740 (high Jan.24) would target 1.3776 (2014 high Jan.2) en route to 1.3819 (high Dec.30). On the flip side, a the immediate support lines up at 1.3662 (daily cloud top) followed by 1.3645 (21-d MA) and finally 1.3610 (10-d MA).
EUR/USD weaker as sellers turn up
The selling pressure is gathering traction among traders now, pushing spot to test the lower band of today’s range around 1.3680/75. In light of the recent improvement in January’s IFO in Germany, Caroline Newhouse, Supervision of Publications in BNP Paribas, commented, “The IFO survey confirms the PMI survey, released last week. The PMI composite output index was up from 55 to 55.9 in January, the highest level since June 2011, remaining above the 50-threshold for the ninth month in a row”.
EUR/USD levels to watch
As of writing the pair is up 0.01% at 1.3677 and a break above 1.3740 (high Jan.24) would target 1.3776 (2014 high Jan.2) en route to 1.3819 (high Dec.30). On the flip side, a the immediate support lines up at 1.3662 (daily cloud top) followed by 1.3645 (21-d MA) and finally 1.3610 (10-d MA).