14 Apr 2014
EUR/USD dips to sub-1.3820
FXStreet (Edinburgh) -The selling pressure around the shared currency is now gathering pace on Monday, dragging the EUR/USD to test the 1.3820/15 area.
EUR/USD in 3-day lows
The pair is now giving away part of last week’s advance, coming down from Friday’s peaks beyond the 1.3900 handle amidst the sedative effects of Draghi’s comments on Saturday. Regarding today’s calendar, EMU’s Industrial Production banged on expectations, expanding 0.2% inter-month in February and 1.7% over the last twelve months. According to Shaun Osborne, Chief FX Strategist at TD Securities, “The wedge-like shape of the 2012-14 rally suggests an underlying fragility to the rally but trend dynamics are strong. If the upside is limited, the downside potential for EURUSD looks constrained too unless we get a clear breach of 1.3695”.
EUR/USD levels to watch
As of writing, the pair is losing 0.45% at 1.3821 with the next support at 1.3807 (21-d MA) followed by 1.3799 (10-d MA) and finally 1.3780 (low Apr.9). On the upside, a breakout of 1.3863 (high Apr.14) would open the door to 1.3906 (high Apr.11) and then 1.3935 (high Mar.19).
EUR/USD in 3-day lows
The pair is now giving away part of last week’s advance, coming down from Friday’s peaks beyond the 1.3900 handle amidst the sedative effects of Draghi’s comments on Saturday. Regarding today’s calendar, EMU’s Industrial Production banged on expectations, expanding 0.2% inter-month in February and 1.7% over the last twelve months. According to Shaun Osborne, Chief FX Strategist at TD Securities, “The wedge-like shape of the 2012-14 rally suggests an underlying fragility to the rally but trend dynamics are strong. If the upside is limited, the downside potential for EURUSD looks constrained too unless we get a clear breach of 1.3695”.
EUR/USD levels to watch
As of writing, the pair is losing 0.45% at 1.3821 with the next support at 1.3807 (21-d MA) followed by 1.3799 (10-d MA) and finally 1.3780 (low Apr.9). On the upside, a breakout of 1.3863 (high Apr.14) would open the door to 1.3906 (high Apr.11) and then 1.3935 (high Mar.19).