FX News - May 26 2014: Mixed Monday for the EUR So Far

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The EUR/USD pair opened on a weak note today, but eventually picked up during the European session. During the Asian session, the pair opened at 1.3627, before sliding down and settling just under the 1.3620 area. But prior to the opening of the European session, it received a massive boost, which helped lift it past the 1.3640 area. It has since attempted to break through the 1.3650 level several times, although the market has only managed to reach 1.3645 so far.

Earlier, European Central Bank President Mario Draghi opened the Forum on Central Banking in Portugal with a speech and said that the Governing Council is closely monitoring inflationary developments in the region. He added that they are ready to act if deflation continues to threaten the recovery of the economy.

The EUR/USD is currently trading at 1.3640, with initial resistance seen at 1.3645, followed by 1.3679. Meanwhile, initial support is at 1.3600, followed by 1.3566.

Today is Spring Bank Holiday in the United Kingdom. That doesn’t mean, however, that the GBP/USD is resting easy at the moment. In fact, it has been on a steady rise since opening at 1.6832 in today’s Asian session. It has so far peaked at 1.6851 during the European session, although it is currently struggling to hold that level. It is currently trading at 1.6844, with initial resistance seen at 1.6855, followed by 1.6897. Meanwhile, initial support is at 1.6790, followed by 1.6748.

Then there’s the USD/CHF, which slid by about 20 pips so far today. It opened during the Asian session at 0.8957, then peaking at 0.8967. It had a massive drop by the time the European session opened, bottoming out at 0.8947. It is currently trading at 0.8950, with initial resistance seen at 0.8983, followed by 0.9005. Meanwhile, initial support is at 0.8948, followed by 0.8926.

By FX Strategy Team, Published on 26th of May 2014
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