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27 May 2014
EUR/USD struggling to hold gains
FXStreet (Córdoba) - The EUR/USD retreated all the way back to its opening level after the latest upside attempt was capped by the 1.3670 zone during the Asian session.
The EUR/USD failed to sustain intraday gains and pulled back from daily highs as markets resume trading with higher liquidity following holidays in the UK and US the previous day. In the absence of news, the pair remains constrained within familiar ranges near 2 ½-month lows, with investors’ attention now turning to US data releases, including durable goods orders, housing data, services PMI and consumer confidence.
ECB President Draghi is also due to speak at 13:30 GMT although it seems unlikely he could add something new to his recent comments.
EUR/USD levels to watch
At time of writing, the EUR/USD is trading at the 1.3655 area, still a few pips above its opening price, with immediate resistances seen at 1.3668 (May 27 high), 1.3679 (10-day SMA), 1.3687 (May 22 high) and 1.3700 (psychological level). On the flip side, supports could be found at 1.3635 (200-day SMA), 1.3613 (May 26 low) and 1.3600 (psychological level).
The EUR/USD failed to sustain intraday gains and pulled back from daily highs as markets resume trading with higher liquidity following holidays in the UK and US the previous day. In the absence of news, the pair remains constrained within familiar ranges near 2 ½-month lows, with investors’ attention now turning to US data releases, including durable goods orders, housing data, services PMI and consumer confidence.
ECB President Draghi is also due to speak at 13:30 GMT although it seems unlikely he could add something new to his recent comments.
EUR/USD levels to watch
At time of writing, the EUR/USD is trading at the 1.3655 area, still a few pips above its opening price, with immediate resistances seen at 1.3668 (May 27 high), 1.3679 (10-day SMA), 1.3687 (May 22 high) and 1.3700 (psychological level). On the flip side, supports could be found at 1.3635 (200-day SMA), 1.3613 (May 26 low) and 1.3600 (psychological level).