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27 Mar 2014
EUR/USD sell-off sharpens, 1.3730 on sight
FXStreet (Edinburgh) - It seems sellers won’t let the EUR/USD follow through 1.3780 today, as every bull attempt runs out of legs in the vicinity of that level.
EUR/USD in multi-day lows
The pair is prolonging its weekly decline, with the increasing likeliness of a challenge to 4-week lows at the critical 1.3700 barrier should the sell-off intensifies. In the data space, the next really big event for the EUR will be Monday’s EMU’s inflation figures, ahead of the (by this time crucial) ECB monthly gathering on Thursday. “We doubt that economic conditions in the euro-zone have changed materially since their last meeting to trigger fresh ECB monetary easing, which may create scope for the euro to attempt to rebound later in the week”, commented analysts at BTMU.
EUR/USD levels to watch
As of writing the pair is losing 0.33% en 1.3733 and a breakdown of 1.3722 (50% of 1.3477-1.3967) would target 1.3720 (low Mar.6) en route to 1.3707 (low Mar.5). On the flip side, the initial hurdle aligns at 1.3825 (21-d MA) followed by 1.3827 (high Mar.26) and finally 1.3848 (high Mar.25).
EUR/USD in multi-day lows
The pair is prolonging its weekly decline, with the increasing likeliness of a challenge to 4-week lows at the critical 1.3700 barrier should the sell-off intensifies. In the data space, the next really big event for the EUR will be Monday’s EMU’s inflation figures, ahead of the (by this time crucial) ECB monthly gathering on Thursday. “We doubt that economic conditions in the euro-zone have changed materially since their last meeting to trigger fresh ECB monetary easing, which may create scope for the euro to attempt to rebound later in the week”, commented analysts at BTMU.
EUR/USD levels to watch
As of writing the pair is losing 0.33% en 1.3733 and a breakdown of 1.3722 (50% of 1.3477-1.3967) would target 1.3720 (low Mar.6) en route to 1.3707 (low Mar.5). On the flip side, the initial hurdle aligns at 1.3825 (21-d MA) followed by 1.3827 (high Mar.26) and finally 1.3848 (high Mar.25).