From Wednesday high at 1.3745 to Friday’s low fell 250 pips and for the third week in a row, EUR/USD failed to post a weekly close above 1.3650.
The Talking-Forex.com Team points out that the 1.3500 is a key level, “which once broken will open the door towards a support level located at 1.3479 which is also the 38.2% Fibonacci retracement of the 1.2860-1.3862 move”.
The Euro finished the week mostly higher across the board and fell, among majors, only against the Dollar and the Loonie.
Despite recent weakness, Danske Bank analysts expect the EUR/USD to rise over the year, “with the market seeming to get a bit ahead of itself in pricing in ECB hikes, and with speculative long EUR positions building, we had cautioned against a correction lower in EUR/USD. While the correction could have further to run in the near term –
particularly if risk appetite stays under pressure – we expect a widening of the EURUSD
rate spread in the medium term to send the pair to 1.45 by year-end”.
source: http://www.fxstreet.com
I've always liked the Euro a bit better because I get money from my grandparents (who live in Portugal) and I can just convert it to USD and get more money.
ReplyDeleteI have doubts that it will hit 1.45 by year end, but I suppose there is time.
ReplyDeleteI have really been enjoying your posts. I wouldn't be getting such concise information elsewhere :)
ReplyDeleteDanish banks no nothing! And the EU usually always finishes high.
ReplyDeleteI agree with Razer, i doubt it will get that high too
ReplyDeleteI think the Eurozone skepticism over Greece and Ireland is pertty much over and the Euro should start a medium term climb again.
ReplyDeleteWhen was the Euro at it's highest and when was that?
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