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28 Feb 2014
EUR/USD back to 1.3800 after fresh 2014 highs
FXStreet (Córdoba) - The EUR/USD received a fresh boost and hit a new 2014 high at the beginning of the New York session, although it lacked follow through.
The EUR/USD reached its highest since Dec 27 at 1.3823 but lost momentum and quickly pulled back to the 1.3800 area, where it is currently trading, recording a 0.7% gain on the day. Most of the move was propelled by higher-than-expected Eurozone CPI, with US data having little impact on the pair.
While US Q4 GDP growth was revised down to 2.4% versus 3.2% previously, the Reuters/Michigan consumer confidence rose to 81.6 and the Chicago PMI increased to 59.8 in February. However, pending home sales grew 0.1% in January, much less than the 2.0% expected.
EUR/USD technical levels
If the EUR/USD breaks decisively above 1.3823 (2014 high), it could rally towards 1.3891 (2013 high Dec 27). On the flip side, supports are seen at 1.3694 (Feb 28 low), 1.3660 (21-day SMA) en route to 1.3628 (100-day SMA).
The EUR/USD reached its highest since Dec 27 at 1.3823 but lost momentum and quickly pulled back to the 1.3800 area, where it is currently trading, recording a 0.7% gain on the day. Most of the move was propelled by higher-than-expected Eurozone CPI, with US data having little impact on the pair.
While US Q4 GDP growth was revised down to 2.4% versus 3.2% previously, the Reuters/Michigan consumer confidence rose to 81.6 and the Chicago PMI increased to 59.8 in February. However, pending home sales grew 0.1% in January, much less than the 2.0% expected.
EUR/USD technical levels
If the EUR/USD breaks decisively above 1.3823 (2014 high), it could rally towards 1.3891 (2013 high Dec 27). On the flip side, supports are seen at 1.3694 (Feb 28 low), 1.3660 (21-day SMA) en route to 1.3628 (100-day SMA).