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17 Feb 2014
EUR/USD breaks into a new 3-week high
FXStreet (Bali) - EUR/USD has broken above Friday's 1.3715 highs to print a new 3-week high, even if marginal, at 1.3717.
After the retail opening level of 1.3708 (15 pìps gap higher), the pair retraced to a session low of 1.3695 before buyers came back, resuming the bullish momentum from last Thursday/Friday, with 1.3735 (Jan 24 high) eyed.
USD bulls frustrated short term
From a fundamental standpoint, Valeria Bednarik, Chief Analyst at FXStreet, refers to the absence of new USD drivers to price in as one of the main reasons about the current USD under-performance.
EUR/USD technicals
Bednarik notes: "Ever since the NFP disappointment, market players had been eluding the greenback, mostly because of data missing expectations, but also because Janet Yellen made it clear that Bernanke’s plan will maintain its continuity, and therefore giving nothing new to investors to price in."
Technically, Bednarik said: "The pair presents a clear bullish tone, albeit current price has been quite tough since the year started", adding that "considering the strength of the static resistance, a final break above it should lead to a strong advance ... stops need to be triggered above 1.3738 to support a quick run."
After the retail opening level of 1.3708 (15 pìps gap higher), the pair retraced to a session low of 1.3695 before buyers came back, resuming the bullish momentum from last Thursday/Friday, with 1.3735 (Jan 24 high) eyed.
USD bulls frustrated short term
From a fundamental standpoint, Valeria Bednarik, Chief Analyst at FXStreet, refers to the absence of new USD drivers to price in as one of the main reasons about the current USD under-performance.
EUR/USD technicals
Bednarik notes: "Ever since the NFP disappointment, market players had been eluding the greenback, mostly because of data missing expectations, but also because Janet Yellen made it clear that Bernanke’s plan will maintain its continuity, and therefore giving nothing new to investors to price in."
Technically, Bednarik said: "The pair presents a clear bullish tone, albeit current price has been quite tough since the year started", adding that "considering the strength of the static resistance, a final break above it should lead to a strong advance ... stops need to be triggered above 1.3738 to support a quick run."