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19 May 2014
EUR/USD pegged to 1.37 equilibrium area
FXStreet (Bali) - EUR/USD trades marginally below the 1.37 round number, a level of equilibrium found after a brief drive to 1.3650 last week.
Jim Langlands, Founder at FX Charts, notes: "The week ahead is reasonably light on data, until Wednesday, when the FOMC Minutes will be released, but even these should contain few surprises as the US continues its zero interest rate policy, and it may be Thursday before we see any real action, when the flash PMI’s are due. A generally soft outcome from Europe could well be the catalyst to push the Euro towards the next major target, below last weeks lows and down towards the 200 DMA at 1.3623."
EUR/USD technicals
While the EUR/USD is likely to extends its consolidation in today's Asian session, according to Jim, "the 4 hour charts continue to unwind their oversold condition and we could yet see a short squeeze to retest 1.3725 (100 HMA) and possibly 1.3740 (100 DMA) at some stage." On the downside, Jim takes note of 1.3670 and 1.3650 as immediate support areas.
Jim Langlands, Founder at FX Charts, notes: "The week ahead is reasonably light on data, until Wednesday, when the FOMC Minutes will be released, but even these should contain few surprises as the US continues its zero interest rate policy, and it may be Thursday before we see any real action, when the flash PMI’s are due. A generally soft outcome from Europe could well be the catalyst to push the Euro towards the next major target, below last weeks lows and down towards the 200 DMA at 1.3623."
EUR/USD technicals
While the EUR/USD is likely to extends its consolidation in today's Asian session, according to Jim, "the 4 hour charts continue to unwind their oversold condition and we could yet see a short squeeze to retest 1.3725 (100 HMA) and possibly 1.3740 (100 DMA) at some stage." On the downside, Jim takes note of 1.3670 and 1.3650 as immediate support areas.