EUR/USD anchored at 1.37

Eurogroup’s Jeroen Dijsselbloem is on the news wires this morning, stating the obvious in relation to the single currency. 

The euro is proving to be almost beyond resilient, so Mr. Dijsselbloem’s comments that the euro is perhaps ‘too strong’ are possibly right on the money.

Today EUR/USD is once again making half-hearted attempts at pushing through 1.37. If this upside is to be sustained, however, it would be preferable to see a break through the 1.3740/50 level. The last attempt at this metric was back on 24 January. With little in the way of macro data today, traders may be waiting for the release of tomorrow’s all-important PMI data to help decide direction.

The key obstacle between current prices and $1.40 is 1.3830, and downside resistance coming from the long-term trendline from the 1.6040 all-time highs.

The 50-daily moving average at 1.3650 should offer intraday support, with the ultimate foundation coming from the rising five-month trend at 1.3475/90.

Spot FX EUR/USD chart

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen. 79% van de retailbeleggers lijdt verlies op de handel in CFD’s met deze aanbieder.
Het is belangrijk dat u goed begrijpt hoe CFD's werken en dat u nagaat of u zich het hoge risico op verlies kunt permitteren.
CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen.