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17 Mar 2014
EUR/USD eyes 1.3920 after US data
FXStreet (Edinburgh) - The EUR/USD is now adventuring beyond the 1.3900 handle once again after US data surprised to the upside.
EUR/USD firmer, eyes session highs
The pair is now trading on a firmer footing looking to regain the positive ground and head towards intraday peaks just above 1.3910. The EUR is picking up pace despite US Industrial Production expanded at a month pace of 0.6% in February, exceeding estimates and previous print. In the same tone, Capacity Utilization advanced to 78.8% during the same period while the NY Empire State manufacturing index rose to 5.61 vs. estimates at 6.0. Next on tap will be Budesbank’s J.Weidmann speech at 15GMT. “All in all it is a reasonably positive report given the weather distortions that have been impacting other releases. We have also had the Empire manufacturing survey, which rose modestly in March, thereby offering hope that positive momentum in the sector will continue. Indeed, if other surveys rise, such as the Philadelphia Fed index, it will add weight to the argument that the economy will quickly bounce back now that weather patterns are normalising”, assessed James Knightley, Analyst at ING Bank NV.
EUR/USD key levels
The pair is now flat at 1.3913 with the next support at 1.3852 (10-d MA) followed by 1.3848 (low Mar.14) and then 1.3843 (low Mar.12). On the upside, a breakout of 1.3925 (high Mar.17) would aim for 1.3938 (high Mar.14) and finally 1.3967 (2014 high Mar.13).
EUR/USD firmer, eyes session highs
The pair is now trading on a firmer footing looking to regain the positive ground and head towards intraday peaks just above 1.3910. The EUR is picking up pace despite US Industrial Production expanded at a month pace of 0.6% in February, exceeding estimates and previous print. In the same tone, Capacity Utilization advanced to 78.8% during the same period while the NY Empire State manufacturing index rose to 5.61 vs. estimates at 6.0. Next on tap will be Budesbank’s J.Weidmann speech at 15GMT. “All in all it is a reasonably positive report given the weather distortions that have been impacting other releases. We have also had the Empire manufacturing survey, which rose modestly in March, thereby offering hope that positive momentum in the sector will continue. Indeed, if other surveys rise, such as the Philadelphia Fed index, it will add weight to the argument that the economy will quickly bounce back now that weather patterns are normalising”, assessed James Knightley, Analyst at ING Bank NV.
EUR/USD key levels
The pair is now flat at 1.3913 with the next support at 1.3852 (10-d MA) followed by 1.3848 (low Mar.14) and then 1.3843 (low Mar.12). On the upside, a breakout of 1.3925 (high Mar.17) would aim for 1.3938 (high Mar.14) and finally 1.3967 (2014 high Mar.13).