Currency Analyst since 2010

EUR/USD: daily update

EUR/USD was consolidating in the $1.3360/40 area after yesterday’s spectacular advance. The single currency closed at $1.3344 on Thursday, closing this week’s opening gap. In the last trading hours euro briefly visited $1.3320, but then returned to the levels mentioned earlier.   

Trading will continue being data-dependant. The euro zone’s current account surplus contracted from 19.5B to 16.9B, while analysts expected an increase to 21.2B. Investors are looking forward to the region’s inflation figures (09:00 GMT). At 12:30 GMT there will be a bunch of US data. The forecasts are positive, so dollar may strengthen ahead of the release.   

Resistance is at $1.3360, $1.3390 (200-week MA), $1.3400 and $1.3415. Above the latter we’ll get in sight of a psychological $1.3500 mark which should cap the pair. Support is at $1.3300, $1.3280, $1.3260, $1.3200/3190 and $1.3170.

The banks such as RBS and UBS have positive views on EUR/USD. Bank of America Merrill Lynch closed EUR short.

Chart. H1 EUR/USD

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