4 Feb 2014
EUR/USD is facing headwinds mid point
FXStreet (Guatemala) - EUR/USD fell sharply from above 1.3550 to the lows in the 1.3480 territory and since has been drifting and grinding back to the mid point of the drop.
Meanwhile, markets are looking ahead to data this week, after a disappointing ISM manufacturing from the US, Factory Orders were slightly positive giving a boost to the dollar. Later this week, we will have Non Farm Payrolls of course, but in the mean time we look forward to the ECB coming up. Strategists at TD Securities said that they look for the ECB to keep the refi rate and deposit rate unchanged at this week’s meeting, despite the downside surprise to January inflation. “We don’t think that it would have been enough to derail the ECB’s belief in the continuing recovery in growth, and eventually inflation”.
EUR/USD Levels
The 20 DMA is 1.3609, the 50 DMA is 1.3648 and the 200 DMA is 1.3376. RSI (14) reads 48.45. Supports are ascending from 1.3390, 1.3417, 1.3463, 1.3477. Spot is 1.3509 while resistances are 1.3544, 1.3574, 1.3590 and 1.3605.
Meanwhile, markets are looking ahead to data this week, after a disappointing ISM manufacturing from the US, Factory Orders were slightly positive giving a boost to the dollar. Later this week, we will have Non Farm Payrolls of course, but in the mean time we look forward to the ECB coming up. Strategists at TD Securities said that they look for the ECB to keep the refi rate and deposit rate unchanged at this week’s meeting, despite the downside surprise to January inflation. “We don’t think that it would have been enough to derail the ECB’s belief in the continuing recovery in growth, and eventually inflation”.
EUR/USD Levels
The 20 DMA is 1.3609, the 50 DMA is 1.3648 and the 200 DMA is 1.3376. RSI (14) reads 48.45. Supports are ascending from 1.3390, 1.3417, 1.3463, 1.3477. Spot is 1.3509 while resistances are 1.3544, 1.3574, 1.3590 and 1.3605.