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27 Jan 2015
EUR/USD returns to 1.1360
FXStreet (Edinburgh) - After reaching the area of 1.1420 during the European afternoon, EUR/USD is now partially fading the spike and returning to the 1.1350/60 band.
EUR/USD propped up by risk, US data
Upbeat sentiment in the risk-on space bolstered by auspicious IFO results on Monday and disappointing prints from US Durable Goods today are fuelling the EUR bull run, which managed to retake 1.1400 and beyond. The spike, however, lost impetus and prompted sellers to step in, sending the pair to current levels.
From a technical perspective, Analyst at RBS Dmytro Bondar commented, “The pair has broken the 1.11 support (being the 123.6% projection from the 2009-2010 impulse wave), as weekly MACD remained bearish, indicating that after a bullish correction (reaction) from the 1.11 support level, there will be a high likelihood of downtrend continuation to at least the next key support of 1.063”.
EUR/USD key levels
At the moment the pair is advancing 0.86% at 1.1359 and a breakout 1.1423 (high Jan.27) would expose 1.1458 (61.8% of 1.1680-1.1098) and finally 1.1492 (10-d MA). On the flip side, the immediate support lines up at 1.1224 (hourly low Jan.27) ahead of 1.1098 (11-year low Jans.26) and then 1.1047 (low Sep.8 2003).
EUR/USD propped up by risk, US data
Upbeat sentiment in the risk-on space bolstered by auspicious IFO results on Monday and disappointing prints from US Durable Goods today are fuelling the EUR bull run, which managed to retake 1.1400 and beyond. The spike, however, lost impetus and prompted sellers to step in, sending the pair to current levels.
From a technical perspective, Analyst at RBS Dmytro Bondar commented, “The pair has broken the 1.11 support (being the 123.6% projection from the 2009-2010 impulse wave), as weekly MACD remained bearish, indicating that after a bullish correction (reaction) from the 1.11 support level, there will be a high likelihood of downtrend continuation to at least the next key support of 1.063”.
EUR/USD key levels
At the moment the pair is advancing 0.86% at 1.1359 and a breakout 1.1423 (high Jan.27) would expose 1.1458 (61.8% of 1.1680-1.1098) and finally 1.1492 (10-d MA). On the flip side, the immediate support lines up at 1.1224 (hourly low Jan.27) ahead of 1.1098 (11-year low Jans.26) and then 1.1047 (low Sep.8 2003).