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13 Mar 2014
EUR/USD building downside pressure on 1.39 handle
FXStreet (Guatemala) - EUR/USD is heavy in Asia on the 1.39 handle after a bullish global market taking the single currency from 1.3840’s support on the greenback.
EUR/USD reached a high of 1.3915 in earlier trading on sessions where the EU is agreeing conditions with Washington for sanctions in a stronger concern over the on going situation between Russia and Ukraine. Karen Jones, chief analyst at Commerzbank explained that It remains close to the 1.3960 50% retracement of the sell-off from the 2008 peak, though. “We will need to see a close above here on a weekly basis to confirm a break higher. For now the market is bid and will remain so while above the 1.3740 short term support line. Support above it comes in between the October peak at 1.3833 and the February high at 1.3826. A daily chart close above 1.4000 would be a huge change in sentiment for the Euro and lead to the 78.6% Fibonacci retracement of the move down from 2011 at 1.4320 being targeted. This represents the last defence for the 1.4940 May 2011 high”.
EUR/USD Levels
The 20 DMA is 1.3749, the 50 DMA is 1.3667 and the 200 DMA is 1.3469. RSI (14) reads 66.63. Supports are ascending from 1.3808, 1.3822, 1.3834, 1.3849, 1.3853, 1.3879, 1.3897, 1.3915 and 1.3979.
EUR/USD reached a high of 1.3915 in earlier trading on sessions where the EU is agreeing conditions with Washington for sanctions in a stronger concern over the on going situation between Russia and Ukraine. Karen Jones, chief analyst at Commerzbank explained that It remains close to the 1.3960 50% retracement of the sell-off from the 2008 peak, though. “We will need to see a close above here on a weekly basis to confirm a break higher. For now the market is bid and will remain so while above the 1.3740 short term support line. Support above it comes in between the October peak at 1.3833 and the February high at 1.3826. A daily chart close above 1.4000 would be a huge change in sentiment for the Euro and lead to the 78.6% Fibonacci retracement of the move down from 2011 at 1.4320 being targeted. This represents the last defence for the 1.4940 May 2011 high”.
EUR/USD Levels
The 20 DMA is 1.3749, the 50 DMA is 1.3667 and the 200 DMA is 1.3469. RSI (14) reads 66.63. Supports are ascending from 1.3808, 1.3822, 1.3834, 1.3849, 1.3853, 1.3879, 1.3897, 1.3915 and 1.3979.