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14 May 2014
EUR/USD locked in consolidation
FXStreet (Córdoba) - The EUR/USD continues to consolidate in a tight range Wednesday, having stabilized after previous date selloff.
The EUR/USD has spent most of the day in a 20-pip range above 1.3700 as investors remain sidelined as they await someone to shed more light on the ECB future action. On Tuesday, media cited unnamed sources stating even the Bundesbank will back ECB easing measures if needed putting Buba’s Head Jens Weidmann’s speech (scheduled at 14:30GMT) in the spotlight.
However, the EUR/USD managed to halt the decline at 1.3688 and is enjoying a quieter phase today. At time of writing, the EUR/USD is trading at 1.3707, virtually unchanged since opening.
EUR/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes that the EUR/USD holds a quite neutral technical tone in short-term charts, and commented that as long as it remains below 1.3745 the downside is exposed “with a break below 1.3690 favoring a downward continuation towards 1.3640/6”.
The EUR/USD has spent most of the day in a 20-pip range above 1.3700 as investors remain sidelined as they await someone to shed more light on the ECB future action. On Tuesday, media cited unnamed sources stating even the Bundesbank will back ECB easing measures if needed putting Buba’s Head Jens Weidmann’s speech (scheduled at 14:30GMT) in the spotlight.
However, the EUR/USD managed to halt the decline at 1.3688 and is enjoying a quieter phase today. At time of writing, the EUR/USD is trading at 1.3707, virtually unchanged since opening.
EUR/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes that the EUR/USD holds a quite neutral technical tone in short-term charts, and commented that as long as it remains below 1.3745 the downside is exposed “with a break below 1.3690 favoring a downward continuation towards 1.3640/6”.