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15 May 2014
EUR/USD free-falls to 1.3650
FXStreet (Edinburgh) - The bearish sentiment around the euro has resumed its pace on Thursday, pushing the EUR/USD to the region on 1.3650, last seen in late February.
EUR/USD hurt by data, ECB
The pair extends its weekly drop to the mid-1.3600s as buyers remains absent amidst increasing speculations on the next easing measures by the ECB, most likely to be announced in its June meeting. Today’s releases in the euro bloc did not help spot either, after CPI matched forecasts but the GDP for the first quarter disappointed investors. In the opinion of Clemente De Lucia, Analyst at BNP Paribas, “today’s figures were everything but encouraging. They confirm that Germany is still outperforming its peers and with few exceptions, mainly Spain, the rest of the zone is still struggling. Although Q1 figures were distorted by specific factors, domestic demand among some countries (France and probably Italy in particular) remains fragile. Survey data, however, announce a much brighter scenario for the second quarter”.
EUR/USD levels to watch
As of writing the pair is losing 0.36% at 1.3665 facing the next support at 1.3643 (low Feb.27) followed by 1.3625 (50% of 1.3477-1.3773) and finally 1.3585 (low Feb.13). On the upside, a break above 1.3723 (high May 15) would target 1.3731 (high May 15) en route to 1.3741 (100-d MA).
EUR/USD hurt by data, ECB
The pair extends its weekly drop to the mid-1.3600s as buyers remains absent amidst increasing speculations on the next easing measures by the ECB, most likely to be announced in its June meeting. Today’s releases in the euro bloc did not help spot either, after CPI matched forecasts but the GDP for the first quarter disappointed investors. In the opinion of Clemente De Lucia, Analyst at BNP Paribas, “today’s figures were everything but encouraging. They confirm that Germany is still outperforming its peers and with few exceptions, mainly Spain, the rest of the zone is still struggling. Although Q1 figures were distorted by specific factors, domestic demand among some countries (France and probably Italy in particular) remains fragile. Survey data, however, announce a much brighter scenario for the second quarter”.
EUR/USD levels to watch
As of writing the pair is losing 0.36% at 1.3665 facing the next support at 1.3643 (low Feb.27) followed by 1.3625 (50% of 1.3477-1.3773) and finally 1.3585 (low Feb.13). On the upside, a break above 1.3723 (high May 15) would target 1.3731 (high May 15) en route to 1.3741 (100-d MA).