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25 Feb 2014
EUR/USD eases to 1.3750
FXStreet (Edinburgh) - The recent EUR/USD’s bull attempt run out of legs beyond 1.3760 on Tuesday, with spot now slipping back to the area of 1.3750/45.
EUR/USD focus on the EC forecasts
In the data front, Italian retail sales contracted 0.3% inter-month, taking the annual drop to 2.3% during December. Next on tap will be the Economic Growth Forecasts released by the European Commission, which will take centre stage amidst no further data in the euro bloc. From a technical perspective, Shaun Osborne, Chief FX Strategist at TD Securities, suggested, “Clear gains through 1.3840/50 would open up the topside for an extension of the rally towards 1.4250. Weekly support is 1.3527 (weekly channel)”.
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 focus on the EC forecasts
In the data front, Italian retail sales contracted 0.3% inter-month, taking the annual drop to 2.3% during December. Next on tap will be the Economic Growth Forecasts released by the European Commission, which will take centre stage amidst no further data in the euro bloc. From a technical perspective, Shaun Osborne, Chief FX Strategist at TD Securities, suggested, “Clear gains through 1.3840/50 would open up the topside for an extension of the rally towards 1.4250. Weekly support is 1.3527 (weekly channel)”.
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).