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21 Apr 2014
EUR/USD challenges daily lows
FXStreet (Córdoba) - The EUR/USD was rejected from the 1.3830 area and fell all the way back to daily lows while pairs remain confined to narrow ranges as low volume persists with many European markets closed.
The EUR/USD failed to break above 1.3830 and came under mild pressure, sliding to daily lows at the New York opening. At time of writing, the EUR/USD is trading at 1.3810, virtually unchanged on the day, having hit a low of 1.3804 so far.
In the macroeconomic domain, the Chicago Fed National Activity Index had little impact on the dollar and investors will now be watching the CB leading index figures.
EUR/USD technical outlook
"The EUR/USD maintain a neutral technical bias, holding right above the 1.3800 figure and with a break either below the Fibonacci support of 1.3780 or above the static resistance of 1.3825 to set an intraday trend, albeit chances are of maintaining the mentioned range for today", says Valeria Bednarik, chief analyst at FXStreet.
Bednarik locates immediate support levels at 1.3780, 1.3750 and1.3720, while she sees resistances at 1.3825, 1.3860 and 1.3890.
The EUR/USD failed to break above 1.3830 and came under mild pressure, sliding to daily lows at the New York opening. At time of writing, the EUR/USD is trading at 1.3810, virtually unchanged on the day, having hit a low of 1.3804 so far.
In the macroeconomic domain, the Chicago Fed National Activity Index had little impact on the dollar and investors will now be watching the CB leading index figures.
EUR/USD technical outlook
"The EUR/USD maintain a neutral technical bias, holding right above the 1.3800 figure and with a break either below the Fibonacci support of 1.3780 or above the static resistance of 1.3825 to set an intraday trend, albeit chances are of maintaining the mentioned range for today", says Valeria Bednarik, chief analyst at FXStreet.
Bednarik locates immediate support levels at 1.3780, 1.3750 and1.3720, while she sees resistances at 1.3825, 1.3860 and 1.3890.