20 Jan 2014
EUR/USD holds onto gains
FXstreet.com (Córdoba) - The EUR/USD continues to trade at daily highs above 1.3550 although unable to pick up fresh momentum to extend gains as the US markets remain closed due to the Martin Luther King's Day.
The EUR/USD managed to bounce off a 2-month low of 1.3506 and climbed toward a high of 1.3565 before losing momentum and settling in a range just below. With no economic events expected for the rest of the day, FX pairs may enjoy a phase of consolidation. At time of writing, the EUR/USD is trading at the 1.3560 area, recording a 0.2% gain Monday.
EUR/USD technical perspective
From a technical view, Valeria Bednarik, chief analyst at FXStreet commented that the EUR/USD maintains a short term upward tone although with the US holiday, markets will likely remain quiet. "The daily low of 1.3506 should keep the downside contained at least until Asian opening", the analyst commented.
As for technical levels, Bednarik locates next supports at 1.3520, 1.3485 and 1.3440, while she sees resistances at 1.3590, 1.3620 and 1.3655.
The EUR/USD managed to bounce off a 2-month low of 1.3506 and climbed toward a high of 1.3565 before losing momentum and settling in a range just below. With no economic events expected for the rest of the day, FX pairs may enjoy a phase of consolidation. At time of writing, the EUR/USD is trading at the 1.3560 area, recording a 0.2% gain Monday.
EUR/USD technical perspective
From a technical view, Valeria Bednarik, chief analyst at FXStreet commented that the EUR/USD maintains a short term upward tone although with the US holiday, markets will likely remain quiet. "The daily low of 1.3506 should keep the downside contained at least until Asian opening", the analyst commented.
As for technical levels, Bednarik locates next supports at 1.3520, 1.3485 and 1.3440, while she sees resistances at 1.3590, 1.3620 and 1.3655.