15 Apr 2014
EUR/USD fades the spike beyond 1.3830
FXStreet (Edinburgh) - After climbing to fresh intraday highs above 1.3830, the EUR/USD is now retracing those gains and trading back to the boundaries of 1.3800 the figure.
EUR/USD back to red territory
The single currency is again in red figures after a short-lived bullish attempt to the vicinity of 1.3840, amidst increasing selling interest around the greenback. Spot is thus back to the 1.3800 handle although remains reluctant to surrender further ground so far. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “We expect EUR to eventually trade lower, holding a 1.30 year-end target; however as long as capital flows continue and short-term traders hold a net long EUR position, it is too early to position for downside”.
EUR/USD levels to consider
The pair is now losing 0.09% at 1.3808 with the next support at 1.3794 (low Apr.15) ahead of 1.3780 (low Apr.9) and then 1.3738 (low Apr.8). On the upside, a breakout of 1.3863 (high Apr.14) would open the door to 1.3906 (high Apr.11) and then 1.3935 (high Mar.19).
EUR/USD back to red territory
The single currency is again in red figures after a short-lived bullish attempt to the vicinity of 1.3840, amidst increasing selling interest around the greenback. Spot is thus back to the 1.3800 handle although remains reluctant to surrender further ground so far. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “We expect EUR to eventually trade lower, holding a 1.30 year-end target; however as long as capital flows continue and short-term traders hold a net long EUR position, it is too early to position for downside”.
EUR/USD levels to consider
The pair is now losing 0.09% at 1.3808 with the next support at 1.3794 (low Apr.15) ahead of 1.3780 (low Apr.9) and then 1.3738 (low Apr.8). On the upside, a breakout of 1.3863 (high Apr.14) would open the door to 1.3906 (high Apr.11) and then 1.3935 (high Mar.19).