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7 Mar 2014
EUR/USD in fresh 2014 highs
FXStreet (Edinburgh) - The single currency broke up the overnight flat-line pattern around 1.3860, lifting the EUR/USD to fresh 2014 highs beyond 1.3870.
EUR/USD firmer post-ECB
The pair has rapidly appreciated against the greenback on Thursday, after the ECB failed to comply with those expecting further easing (via halting SMP sterilization, negative deposit rates, refi rate cut and else), pushing spot more than 1%. Adding to the upbeat sentiment, the Governing Council continued to see inflation expectations ‘firmly anchored’ and expects consumer prices to slowly return near the ECB’s 2% target in the next years (1.7% in 2016). In the opinion of Tim Riddell, Head of Global Markets Research at ANZ, “The current break of 1.3820-25 (declining resistance) would be confirmed by a close above December’s 1.3890-95 high. This would also suggest a near term range flip (basis range support at 1.3475) towards 1.4150”.
EUR/USD levels to watch
At the moment the pair is up 0.10% at 1.3871 with the immediate resistance at 1.3894 (high 2013 Dec.27) followed by the psychological levels at 1.3900 and 1.4000. On the flip side, a breakdown of 1.3721 (low Mar.6) would open the door to 1.3707 (low Mar.5) and finally 1.3694 (low Feb.28).
EUR/USD firmer post-ECB
The pair has rapidly appreciated against the greenback on Thursday, after the ECB failed to comply with those expecting further easing (via halting SMP sterilization, negative deposit rates, refi rate cut and else), pushing spot more than 1%. Adding to the upbeat sentiment, the Governing Council continued to see inflation expectations ‘firmly anchored’ and expects consumer prices to slowly return near the ECB’s 2% target in the next years (1.7% in 2016). In the opinion of Tim Riddell, Head of Global Markets Research at ANZ, “The current break of 1.3820-25 (declining resistance) would be confirmed by a close above December’s 1.3890-95 high. This would also suggest a near term range flip (basis range support at 1.3475) towards 1.4150”.
EUR/USD levels to watch
At the moment the pair is up 0.10% at 1.3871 with the immediate resistance at 1.3894 (high 2013 Dec.27) followed by the psychological levels at 1.3900 and 1.4000. On the flip side, a breakdown of 1.3721 (low Mar.6) would open the door to 1.3707 (low Mar.5) and finally 1.3694 (low Feb.28).