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EUR/USD consolidating below 1.3700

FXStreet (Edinburgh) - The shared currency is now attempting to consolidate the recent bullish attempt, with the EUR/USD in a sideline pattern between 1.3690/1.3700 so far.

EUR/USD propped up by risk

The selling tone surrounding the greenback due to month-end flows and depressed US yields would be behind the current strength in spot, trading back to levels last seen in mid-May. Next of note across the pond will be the manufacturing PMI gauges by Markit and the ISM (55.8 exp.). According to Camilla Sutton, Chief FX Strategist at Scotiabank, the short term technicals are bullish, “most technicals studies warn of building upside pressure on EUR opening up a potential test to the 100-day MA at 1.3738. Accordingly for short term traders we favour being long EUR”.

EUR/USD relevant levels

As of writing the pair is losing 0.03% at 1.3686 with the next support at 1.3641 (low Jun.30) followed by 1.3610 (low Jun.27) and then 1.3576 (low Jun.26). On the upside, a break above 1.3698 (high Jun.30) would open the door to 1.3723 (high May 21) and finally 1.3734 (high May 19).

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