EUR/USD: daily update
EUR/USD is trading on the upside today, but below Friday’s high of $1.3380. The near-term prospects for the pair look rather positive. Euro may soon test $1.3400/15. Further resistance will be at $1.3433 (Feb. 20 high) and $1.3455 (Feb. 14 high). Support is at $1.3300, $1.3260, $1.3222 (weekly Ichimoku cloud top), $1.3200 and $1.3160. Note that the single currency may keep consolidating tomorrow as the economic calendar is pretty much empty before Wednesday, when the FOMC will release its meeting minutes.
OCBC Bank: “As long as the broad dollar remains less than fully committed, any potential positive news flow out of the euro zone may continue to keep dips in the pair shallow.”
Chart. Daily EUR/USD