Currency Analyst since 2010

EUR/USD after the big advance

EUR/USD has climbed today to the highest level since Feb. 1 at $1.3690. Yesterday dollar was hit versus all of its main counterparts and euro managed to gain about 140 pips, so today the market has so far been in the consolidative mood. There are no major European economic data releases scheduled in the euro area, so all will depend on the market’s risk sentiment. The volatility may increase towards the evening as the Fed members will speak at 16:30-20:30 GMT.  

The most important resistance lies at $1.3711 (Feb. high). Support lies at $1.3650/40 and $1.3607/00. It seems that the bulls have the power to test this level, though the pair is overbought and the move probably won’t be very confident. Above this level the market will focus on $1.3800/30. Weekly close above $1.3645 will be a good sign.

Chart. Daily EUR/USD

Analysis by FBS

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