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12 Mar 2014
EUR/USD struggling at 2014 highs
FXStreet (Córdoba) - The resilient euro rallied during the American session and climbed back above 1.3900 to retest its 2-year high scored last week just before the nonfarm payrolls report.
The EUR/USD was underpinned last week by ECB decision to keep policy unchanged and Draghi unwillingness to reveal new measures, reaching a 2-year high of 1.3914. Then, stronger than expected US NFP tempered the rally but the shared currency remains strong despite broad risk aversion. The EUR/USD resumed the advance after a phase of consolidation and it is presently threatening 2014 highs at the 1.3910/14 area.
1.4000 at sight
The EUR/USD however is facing tough resistance at that level, and a break will most likely trigger stops orders unleashing another bullish leg, that could take the pair towards 1.4000 in no time. On the other hand, 1.3830 (Mar 11 low) stands as key support level.
The EUR/USD was underpinned last week by ECB decision to keep policy unchanged and Draghi unwillingness to reveal new measures, reaching a 2-year high of 1.3914. Then, stronger than expected US NFP tempered the rally but the shared currency remains strong despite broad risk aversion. The EUR/USD resumed the advance after a phase of consolidation and it is presently threatening 2014 highs at the 1.3910/14 area.
1.4000 at sight
The EUR/USD however is facing tough resistance at that level, and a break will most likely trigger stops orders unleashing another bullish leg, that could take the pair towards 1.4000 in no time. On the other hand, 1.3830 (Mar 11 low) stands as key support level.