EUR/USD makes new highs for the week

By FXstreet.com | Updated August 27, 2014 AAA

FXStreet (Bali) - EUR/USD is posting marginal new highs for the week, after rising over 25 pips in Asian, finding a base at 1.3190, from where bids emerged to set the highest since Aug 25 at 1.3216.



On Wednesday, the Euro was underpinned by comments from the German FinMin Schaeuble, noting the market may have 'misread' Draghi's dovish remarks during his Jackson Hole speech, referring to the statement the ECB “stands ready to adjust policy stance further”. Afterwards, Reuters quoted unnamed ECB sources stating new ECB action at next week is unlikely barring a downbeat surprise in August inflation numbers in the Eurozone.



Jim Langlands, Founder at FXCharts, notes: "For today, buying dips appears to be the plan, with a stop and reverse placed below 1.3150. Use 1.3175/1.3235 as a guide, with inflation data to dictate the direction; Further out, I still think the dollar will regain its legs as the trend continues and the eventual target for the Euro appears to be the 9 July low 2013 at 1.2754."



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