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3 Apr 2014
EUR/USD isolated around 1.3770
FXStreet (Edinburgh) - The single currency remains around yesterday’s close, taking the EUR/USD to the 1.3770/65 region ahead of the ECB statement.
EUR/USD indifferent after EMU data
The pair remained pretty much unchanged after a generalized softer tone from March’s Services PMI prints in the euro area. In the same direction, better-than-expected retail sales in the bloc during February (0.4% inter-month) did nothing to change the apathetic sentiment. In light of the ECB gathering, Paul Robson, Senior FX Trading Strategist at RBS, assessed, “. President Draghi is expected to use his bully pulpit to send a clear dovish message, in the hope of nudging market beliefs about the Council’s game-plan, its sensitivity to the currency and its appetite for unconventional action. On balance, we do not expect looser policy today – despite the surprisingly weak inflation print – but plenty of loose talk”.
EUR/USD levels to consider
The pair is now losing 0.01% at 1.3766 with the immediate support at 1.3755 (low Apr.2) followed by 1.3721 (low Mar.31) and then 1.3719 (55-d MA). On the upside, a break above 1.3820 (high Apr.2) would open the door to 1.3827 (high ar.26) and finally 1.3828 (21-d MA).
EUR/USD indifferent after EMU data
The pair remained pretty much unchanged after a generalized softer tone from March’s Services PMI prints in the euro area. In the same direction, better-than-expected retail sales in the bloc during February (0.4% inter-month) did nothing to change the apathetic sentiment. In light of the ECB gathering, Paul Robson, Senior FX Trading Strategist at RBS, assessed, “. President Draghi is expected to use his bully pulpit to send a clear dovish message, in the hope of nudging market beliefs about the Council’s game-plan, its sensitivity to the currency and its appetite for unconventional action. On balance, we do not expect looser policy today – despite the surprisingly weak inflation print – but plenty of loose talk”.
EUR/USD levels to consider
The pair is now losing 0.01% at 1.3766 with the immediate support at 1.3755 (low Apr.2) followed by 1.3721 (low Mar.31) and then 1.3719 (55-d MA). On the upside, a break above 1.3820 (high Apr.2) would open the door to 1.3827 (high ar.26) and finally 1.3828 (21-d MA).