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14 Feb 2014
EUR/USD advances through 1.3700
FXStreet (Edinburgh) - It seems the single currency finally decided to leave the stubbornness aside and push the EUR/USD through the 1.3700 handle.
EUR/USD remains firm
The pair continues to advance albeit at a slow pace despite the prevailing risk-on trade and better-than-expected GDP figures in the euro bloc during the last three months of 2013. “Although an expenditure breakdown is not yet available, the available country information suggests that the pick-up in Eurozone growth in Q4 was mainly driven by exports and investment… Today’s better-than-expected GDP data does provide the ECB with a little more confidence about the recovery and hence reduce the chances of a March 6th ECB rate cut”, suggested Martin van Vliet, Analyst at ING.
EUR/USD key levels
At the moment the pair is up 0.20% at 1.3709 facing the next hurdle at 1.3716 (high Jan.27) followed by 1.3740 (high Jan.24) and then 1.3776 (2014 high Jan.2). On the flip side, a breakdown of 1.3608 (Kijun Sen line) would open the door to 1.3595 (daily cloud base) and finally 1.3585 (low Feb.13).
EUR/USD remains firm
The pair continues to advance albeit at a slow pace despite the prevailing risk-on trade and better-than-expected GDP figures in the euro bloc during the last three months of 2013. “Although an expenditure breakdown is not yet available, the available country information suggests that the pick-up in Eurozone growth in Q4 was mainly driven by exports and investment… Today’s better-than-expected GDP data does provide the ECB with a little more confidence about the recovery and hence reduce the chances of a March 6th ECB rate cut”, suggested Martin van Vliet, Analyst at ING.
EUR/USD key levels
At the moment the pair is up 0.20% at 1.3709 facing the next hurdle at 1.3716 (high Jan.27) followed by 1.3740 (high Jan.24) and then 1.3776 (2014 high Jan.2). On the flip side, a breakdown of 1.3608 (Kijun Sen line) would open the door to 1.3595 (daily cloud base) and finally 1.3585 (low Feb.13).