FXStreet (Guatemala) - EUR/USD is trading at 1.3538, down -0.07% on the day, having posted a daily high at 1.3558 and low at 1.3521.

EUR/USD is extending the sideways channel after the drop that came at the end of last weeks trading and continued into this week while markets are weighing up the order of events to come from the Central banks. Jane Foley, Senior Currency Strategist at Rabobank, explained that they have argued for some time that the ECB remains in the shadow of the Fed. “Despite maintaining an extremely dovish position for a prolonged period EUR/USD has retained a firm position. While the strong movement back into peripheral assets can be associated with EUR strength since the end of 2012, the persistent weak tone of the USD has kept EUR/USD well supported”. She added, “How quickly EUR/USD can fall greatly depend on the Fed. Our 12 mth target lies at EUR/USD 1.30”.

EUR/USD Levels

Spot is presently trading at 1.3538, and next resistance can be seen at 1.3541 (Hourly 20 EMA), 1.3547 (Monthly Low), 1.3547 (Weekly Low), 1.3547 (Daily Open) and 1.3558 (Daily High). Support below can be found at 1.3537 (Weekly Classic S1), 1.3533 (Yesterday's Low), 1.3521 (Daily Low), 1.3518 (Daily Classic S1) and 1.3490 (Daily Classic S2).

Related Articles
  1. Forex Education

    Four Currencies Under the Spotlight in 2016

    With currencies having become the “tail that wags the dog,” in terms of their impact on the global economy, these four currencies will be under the spotlight in 2016.
  2. Forex Fundamentals

    These Currencies Are The Biggest Losers Of The Stock Downturn

    Here’s a list of the hardest-hit currencies amid the global stock market mayhem.
  3. Forex Strategies

    Will the Euro Continue to Rally? (EUO)

    The euro is rallying. Should investors chase this performance or is the real opportunity on the other side of the trade?
  4. Investing News

    China’s Forex Reserves Dropped Significantly

    China’s forex​ reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan​
  5. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  6. 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.
  7. 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 ...
  8. Forex

    Top U.S Forex News Sites

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

    Financial News Comparison: Bloomberg Vs. Reuters (BAC, GOOG)

    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.
  10. 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.
Trading Center