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21 May 2014
EUR/USD falls further, near 1.3660
FXStreet (Edinburgh) - The single currency is now accelerating the downside, dragging the EUR/USD to test weekly lows in the vicinity of 1.3660.
EUR/USD on its way to 1.3650?
It seems the pair is warming up for another test of last week’s trough just below the 1.3650 level, as selling interest continues to weigh on sentiment. In term of data releases, EMU’s Current Account surplus shrunk to €18.8 billion in March, missing estimates and down from February’s €21.8 billion. Next on tap will be the advanced gauge of the consumer confidence for the month of May (-8.2 exp.) ahead of the FOMC minutes due this evening. “EUR touched the target highlighted at 1.3680 yesterday with a low of 1.3678. While the recovery from the low has resulted in a mixed outlook, the undertone is still negative and as long as the short-term key resistant at 1.3750 is intact, the risk is still for a lower EUR in the next couple of days”, observed Quek Ser Leang, Market Strategist at UOB Group.
EUR/USD significant levels
The pair is now losing 0.17% at 1.3676 with the immediate support at 1.3648 (low May 15) ahead of 1.3643 (low Feb.27) and finally 1.3585 (low Feb.13). On the flip side, a surpass of 1.3734 (high May 19) would target 1.3739 (100-d MA) en route to 1.3771 (high May 13).
EUR/USD on its way to 1.3650?
It seems the pair is warming up for another test of last week’s trough just below the 1.3650 level, as selling interest continues to weigh on sentiment. In term of data releases, EMU’s Current Account surplus shrunk to €18.8 billion in March, missing estimates and down from February’s €21.8 billion. Next on tap will be the advanced gauge of the consumer confidence for the month of May (-8.2 exp.) ahead of the FOMC minutes due this evening. “EUR touched the target highlighted at 1.3680 yesterday with a low of 1.3678. While the recovery from the low has resulted in a mixed outlook, the undertone is still negative and as long as the short-term key resistant at 1.3750 is intact, the risk is still for a lower EUR in the next couple of days”, observed Quek Ser Leang, Market Strategist at UOB Group.
EUR/USD significant levels
The pair is now losing 0.17% at 1.3676 with the immediate support at 1.3648 (low May 15) ahead of 1.3643 (low Feb.27) and finally 1.3585 (low Feb.13). On the flip side, a surpass of 1.3734 (high May 19) would target 1.3739 (100-d MA) en route to 1.3771 (high May 13).