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

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