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28 Mar 2014
EUR/USD in session highs near 1.3760
FXStreet (Edinburgh) - It’s alive! The single currency just woke up and is pushing the EUR/USD to session highs in the 1.3755/60 region post-German data.
EUR/USD higher despite German prices
The pair is edging higher on Friday, testing intraday highs around 1.3760 in spite of German consumer prices coming in below forecasts in March: HICP rose at an annual pace of 0.9% and headline CPI rose 1% YoY, both prints missing expectations for 1.0% and 1.1%, respectively. “While latest confidence indicators have confirmed the ECB’s base case scenario for the economic recovery, inflation has and probably also will fall short of expectations. We don’t think that the ECB will react to a single data release but Monday’s inflation data could tip the balance in a Governing Council which does not seem to have made up its mind yet… At the current juncture, we still think that the ECB’s preferred next policy option is to do nothing”, suggested Carsten Brzeski, Analyst at ING Bank NV.
EUR/USD relevant levels
At the moment the pair is up 0.13% at 1.3759 and a break above 1.3797 (high Mar.27) would open the door to 1.3825 (21-d MA) and finally 1.3827 (high Mar.26). On the downside, the immediate support lines up at 1.3694 (low Feb.28) ahead of 1.3685 9daily cloud top) and then 1.3647 (daily cloud base).
EUR/USD higher despite German prices
The pair is edging higher on Friday, testing intraday highs around 1.3760 in spite of German consumer prices coming in below forecasts in March: HICP rose at an annual pace of 0.9% and headline CPI rose 1% YoY, both prints missing expectations for 1.0% and 1.1%, respectively. “While latest confidence indicators have confirmed the ECB’s base case scenario for the economic recovery, inflation has and probably also will fall short of expectations. We don’t think that the ECB will react to a single data release but Monday’s inflation data could tip the balance in a Governing Council which does not seem to have made up its mind yet… At the current juncture, we still think that the ECB’s preferred next policy option is to do nothing”, suggested Carsten Brzeski, Analyst at ING Bank NV.
EUR/USD relevant levels
At the moment the pair is up 0.13% at 1.3759 and a break above 1.3797 (high Mar.27) would open the door to 1.3825 (21-d MA) and finally 1.3827 (high Mar.26). On the downside, the immediate support lines up at 1.3694 (low Feb.28) ahead of 1.3685 9daily cloud top) and then 1.3647 (daily cloud base).