FXStreet (Edinburgh) - The single currency is now accelerating its rebound from the mid-1.3500, lifting the EUR/USD back to the vicinity of 1.3580.

EUR/USD firmer with mixed ZEW

The EUR is gaining traction despite the mixed data from the German ZEW Survey, showing above-estimates Current Situation (67.7) although the Economic Sentiment dropped from previous readings in both Germany and the EMU. The pair continues to be supported by recent comments by ECB officials, although interim gains would be limited as the FOMC gathering looms. Jane Foley. Senior FX Strategist at Rabobank, assessed, “It follows that a strong USD recovery and a resultant drop in the EUR/USD exchange rate would make the ECB’s fight against the deflationary risk an easier task. On the assumption that the Fed does not alter its position much at the June 18 FOMC we expect that the push lower in EUR/USD will be slow. Our 12 mth target lies at EUR/USD1.30. That said, we have edged down our 1 and 3 mth forecasts to 1.3600”.

EUR/USD key levels

As of writing the pair is losing 0.02% at 1.3569 with the immediate support at 1.3521 (low Jun.13) ahead of 1.3512 (low Jun.12) and then 1.3503 (low Jun.5). On the flip side, a breakout of 1.3587 (high Jun.17) would open the door to 1.3590 (Tenkan Sen) and finally 1.3602 (high Jun.10).

Related Articles
  1. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  2. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  3. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  4. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  5. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  6. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  7. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  8. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.
  9. Investing Basics

    The Risks Of Buying Bitcoin

    Virtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
  10. Forex News

    How The Forex "Fix" May Be Rigged

    When it comes to forex, some types of "fixes" are legal. But some really aren't.
RELATED TERMS
  1. No results found.

You May Also Like

COMPANIES IN THIS ARTICLE
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!