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7 Mar 2014
EUR/USD ready for 1.3900?
FXStreet (Edinburgh) - The EUR/USD is treading water around 1.3880 on Friday, consolidating its recent steep appreciation ahead of US Payrolls.
EUR/USD eyes on 1.3900
Ahead in the day, the biggest event in the FX space is due: the US Non Farm Payrolls. Market consensus already placed its bets, and expects the US economy to have created 149K jobs during February, up from January’s 113K. However, a disappointment today could well see the USD extends its recent pullback, and thus paving the way for the EUR to climb further, with the interim resistance at 1.3894, the 2013 highs. “For the time being we retain our central view that EUR/USD will trend lower this year. Currently we see EUR/USD at 1.30 around year end. However, further signs of soft US growth would lead us to revise up our EUR/USD forecast”, noted Jane Foley, Senior Currency Strategist at Rabobank.
EUR/USD levels to watch
At the moment the pair is up 0.18% at 1.3882 with the immediate resistance at 1.3894 (high 2013 Dec.27) followed by the psychological levels at 1.3900 and 1.4000. On the flip side, a breakdown of 1.3721 (low Mar.6) would open the door to 1.3707 (low Mar.5) and finally 1.3694 (low Feb.28).
EUR/USD eyes on 1.3900
Ahead in the day, the biggest event in the FX space is due: the US Non Farm Payrolls. Market consensus already placed its bets, and expects the US economy to have created 149K jobs during February, up from January’s 113K. However, a disappointment today could well see the USD extends its recent pullback, and thus paving the way for the EUR to climb further, with the interim resistance at 1.3894, the 2013 highs. “For the time being we retain our central view that EUR/USD will trend lower this year. Currently we see EUR/USD at 1.30 around year end. However, further signs of soft US growth would lead us to revise up our EUR/USD forecast”, noted Jane Foley, Senior Currency Strategist at Rabobank.
EUR/USD levels to watch
At the moment the pair is up 0.18% at 1.3882 with the immediate resistance at 1.3894 (high 2013 Dec.27) followed by the psychological levels at 1.3900 and 1.4000. On the flip side, a breakdown of 1.3721 (low Mar.6) would open the door to 1.3707 (low Mar.5) and finally 1.3694 (low Feb.28).