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2 Apr 2014
EUR/USD faltering at 1.38 handle
FXStreet (Guatemala) - Having made a daily high at 1.3797 and low at 1.3790, EUR/USD spot is up 0.01% on the day and presently trading at 1.3794.
EUR/USD has been on a ascending trend while 1.38 is proving to be an area attracting congestion ahead of the ECB this week.
ECB to hold
Strategists at Bank of America Merrill Lynch explained that although March euro area inflation was on the low side of economic forecasts (at 0.5% yoy versus market expectations of 0.6%), they do not believe this will be enough to trigger ECB action yet.
How strong has the move been?
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
EUR/USD Levels
Spot is presently trading at 1.3796, and next resistance can be seen at 1.3797 (Daily High), 1.3798 (Daily 20 SMA), 1.3811 (Daily Classic R1), 1.3816 (Yesterday's High) and 1.3826 (Weekly High). Next support to the downside can be found at 1.3793 (Daily Open), 1.3791 (Hourly 20 EMA), 1.3790 (Daily Low), 1.3785 (Hourly 200 SMA) and 1.3778 (Weekly Classic PP).
EUR/USD has been on a ascending trend while 1.38 is proving to be an area attracting congestion ahead of the ECB this week.
ECB to hold
Strategists at Bank of America Merrill Lynch explained that although March euro area inflation was on the low side of economic forecasts (at 0.5% yoy versus market expectations of 0.6%), they do not believe this will be enough to trigger ECB action yet.
How strong has the move been?
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
EUR/USD Levels
Spot is presently trading at 1.3796, and next resistance can be seen at 1.3797 (Daily High), 1.3798 (Daily 20 SMA), 1.3811 (Daily Classic R1), 1.3816 (Yesterday's High) and 1.3826 (Weekly High). Next support to the downside can be found at 1.3793 (Daily Open), 1.3791 (Hourly 20 EMA), 1.3790 (Daily Low), 1.3785 (Hourly 200 SMA) and 1.3778 (Weekly Classic PP).