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19 Feb 2014
EUR/USD muted after US data
FXStreet (Edinburgh) - The single currency remained apathetic after the US data releases, with the EUR/USD hovering over the mid 1.37s.
EUR/USD in the lower end of the range
The pair is trading in the lower band of the intraday range, almost unchanged after softer than expected US Building Permits and Housing Starts data during January. Producer Prices however advanced beyond estimates 0.2% on a monthly basis and 1.2% over the last twelve months. Ahead in the day, speeches by Fed’s Bullard and Lockhart are due prior to the FOMC minutes. From the technical perspective, analysts at UOB Group observed “The expected up-move is stronger than expected as it easily took out the resistance at 1.3740. Upward momentum is picking up strongly and this will likely lead to extension higher today. As long as the short-term key support at 1.3710 is intact, expect a move towards the strong mid-term resistance at 1.3815/20”.
EUR/USD relevant levels
At the moment the pair is losing 0.10% at 1.3744 and a breach of 1.3695 (low Feb.18) would target 1.3685 (low Feb.17) en route to 1.3674 (low Feb.14). On the upside, the next resistance lines up at 1.3773 (high Feb.19) followed by 1.3777 (2014 high Jan.2) and then 1.3796 (76.4% of 1.3894-1.3477).
EUR/USD in the lower end of the range
The pair is trading in the lower band of the intraday range, almost unchanged after softer than expected US Building Permits and Housing Starts data during January. Producer Prices however advanced beyond estimates 0.2% on a monthly basis and 1.2% over the last twelve months. Ahead in the day, speeches by Fed’s Bullard and Lockhart are due prior to the FOMC minutes. From the technical perspective, analysts at UOB Group observed “The expected up-move is stronger than expected as it easily took out the resistance at 1.3740. Upward momentum is picking up strongly and this will likely lead to extension higher today. As long as the short-term key support at 1.3710 is intact, expect a move towards the strong mid-term resistance at 1.3815/20”.
EUR/USD relevant levels
At the moment the pair is losing 0.10% at 1.3744 and a breach of 1.3695 (low Feb.18) would target 1.3685 (low Feb.17) en route to 1.3674 (low Feb.14). On the upside, the next resistance lines up at 1.3773 (high Feb.19) followed by 1.3777 (2014 high Jan.2) and then 1.3796 (76.4% of 1.3894-1.3477).