EUR/USD Breaks 1.14 Handle, Battle to Accept Prices Above
EUR/USD Breaks 1.14 Handle, Battle to Accept Prices Above
EUR/USD
has taken off at the London open, breaking the 1.14 handle decisively,
which has resulted in a new day high of 1.1415, with focus now on the
next target for the bulls at 1.1450, should they manage to hold price
above the 1.14 in the coming hours.
Open interest up in the 6E contract, bodes well for bulls
As in the case of the Sterling,
which saw a strong rise in open interest, same applies on the Euro (6E
contract), although the increase was a bit more modest. Preliminary data
from the CME Group shows that futures traders added 2.3k new contracts
yesterday, suggesting that the rally seen continues to carry decent
momentum for a continuation. Key focus now is the release of the
European GDP and CPI data, which should inject further volatility.
EUR/USD key levels
Technically,
EUR/USD needs now to find acceptance above the 1.14 handle in order to
extend gains towards the 1.1450 vicinity, which if broken, will then
expose the major psychological level of 1.15. On the downside, failure
to hold onto gains may represent a setback for buyers, which may try to
re-engage at lower prices, in line with the overall bull trend, starting
from 1.1375 down towards 1.1350.
