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13 Mar 2014
EUR/USD woke up and broke to new multi-year highs at 1.3944
FXStreet (Moscow) - EUR/USD spent most of Asian session in a depressingly narrow range, but the speculative demand on single currency helped to push it above the area of strong offers at 1.3905/10.
This resulted in a big spike higher to the current intraday maximum at 1.3944. The pair has retraced to 1.3930 since then, but bluish sentiments are still strong. There are several fundamental factors that push the single currency higher, namely, capital inflows to EZ from EM and positive current account, though EUR may reverse back to 1.3900 area, should the geopolitical tension trigger new rush to safety during the European session. Even if today’s US Retails sales report bring some negative surprises, and the pair will rush to new multi-year highs, the chances to see a reversal before the weekend are very high. The looming Crimea referendum will scare away the riskiest of euro bulls. Thus, the current levels may become an attractive point to enter the market with shorts with initial target at 1.3900 support level and then at 1.3850.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3887, with support below at 1.3858, 1.3814 and 1.3785, with resistance above at 1.3931, 1.3960, and 1.4004. Hourly Moving Averages are bullish, with the 200SMA at 1.3815 and the daily 20EMA at 1.3771. Hourly RSI is neutral at 65.
This resulted in a big spike higher to the current intraday maximum at 1.3944. The pair has retraced to 1.3930 since then, but bluish sentiments are still strong. There are several fundamental factors that push the single currency higher, namely, capital inflows to EZ from EM and positive current account, though EUR may reverse back to 1.3900 area, should the geopolitical tension trigger new rush to safety during the European session. Even if today’s US Retails sales report bring some negative surprises, and the pair will rush to new multi-year highs, the chances to see a reversal before the weekend are very high. The looming Crimea referendum will scare away the riskiest of euro bulls. Thus, the current levels may become an attractive point to enter the market with shorts with initial target at 1.3900 support level and then at 1.3850.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3887, with support below at 1.3858, 1.3814 and 1.3785, with resistance above at 1.3931, 1.3960, and 1.4004. Hourly Moving Averages are bullish, with the 200SMA at 1.3815 and the daily 20EMA at 1.3771. Hourly RSI is neutral at 65.