9 Apr 2014
EUR/USD struggling around 1.3800
FXStreet (Córdoba) - The EUR/USD slipped back below the 1.3800 mark ahead of the Wall Street opening weighed by Spain PM Rajoy comments expressing his discomfort with the euro exchange rate.
The upside momentum seen yesterday faded after the EUR/USD found resistance at the 1.3810 area, confining the pair to a consolidative phase ahead of the release of FOMC minutes, due at 18:00GMT. Having made a daily high at 1.3808 and low at 1.3779, EUR/USD spot is up 0.01% on the day and presently trading at 1.3798.
EUR/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet commented that Fed minutes may give dollar some support at least in the short term. "Below 1.3780 next support area stands around 1.3750 while a break below this latter on an ultra-hawkish stance may see the pair approaching 1.3710. Still, buyers are expected to surge around this last if reached, and keep the downside limited".
On the other hand, "a break above 1.3830 daily descendant trend line coming from 1.3966, should trigger an upward continuation up to 1.3880/1.3910 price zone".
The upside momentum seen yesterday faded after the EUR/USD found resistance at the 1.3810 area, confining the pair to a consolidative phase ahead of the release of FOMC minutes, due at 18:00GMT. Having made a daily high at 1.3808 and low at 1.3779, EUR/USD spot is up 0.01% on the day and presently trading at 1.3798.
EUR/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet commented that Fed minutes may give dollar some support at least in the short term. "Below 1.3780 next support area stands around 1.3750 while a break below this latter on an ultra-hawkish stance may see the pair approaching 1.3710. Still, buyers are expected to surge around this last if reached, and keep the downside limited".
On the other hand, "a break above 1.3830 daily descendant trend line coming from 1.3966, should trigger an upward continuation up to 1.3880/1.3910 price zone".