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26 Feb 2014
EUR/USD under mild pressure
FXStreet (Córdoba) - The EUR/USD stretched a tad lower at the beginning of the American session and hit fresh daily lows, although it remains well within this week's range, struggling for direction.
The EUR/USD came under pressure and dropped to a low of 1.3717 with no clear catalyst for the move other that a bout of risk aversion. However, the EUR/USD lacked downward momentum to challenge the 1.3700 support area and it is currently trading at the 1.3725 zone, recording a 0.1% loss on Wednesday.
EUR/USD perspective
"A lack of data, a lack of interest, a lack of momentum and a lack of conviction seem to sum up a rather listless few days in the FX markets", said the TD Securities team. "EUR/USD has been stuck on a 1.37 handle for the past week and intraday ranges seem to be getting progressively smaller as the market nears the recent range extremes. The EUR looks a little 'rich' in our opinion and while the market seems reluctant to challenge the recent range peaks, there is little incentive—at the moment—to push the EUR lower".
The EUR/USD came under pressure and dropped to a low of 1.3717 with no clear catalyst for the move other that a bout of risk aversion. However, the EUR/USD lacked downward momentum to challenge the 1.3700 support area and it is currently trading at the 1.3725 zone, recording a 0.1% loss on Wednesday.
EUR/USD perspective
"A lack of data, a lack of interest, a lack of momentum and a lack of conviction seem to sum up a rather listless few days in the FX markets", said the TD Securities team. "EUR/USD has been stuck on a 1.37 handle for the past week and intraday ranges seem to be getting progressively smaller as the market nears the recent range extremes. The EUR looks a little 'rich' in our opinion and while the market seems reluctant to challenge the recent range peaks, there is little incentive—at the moment—to push the EUR lower".