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10 Mar 2014
EUR/USD fails at 1.3900 and retests daily lows
FXStreet (Córdoba) - The EUR/USD faced mild pressure during the European session and retraced intraday gains, although it remained within Friday's range.
The EUR/USD hit a daily high of 1.3897 but lacked follow-through to break above the 1.3900 mark and turned south to retest daily lows, weighed by disappointing Eurozone investor confidence. At time of writing, the EUR/USD is trading at the 1.3870 zone, virtually unchanged on the day, with today's calendar barely empty for the rest of the day.
EUR/USD technical outlook
"Last week's high at 1.3914 signals the beginning of a corrective pattern above 1.3820 support zone, before further rise towards 1.4000 sentiment area", said Stoyan Mihaylov, analyst at DeltaStock.com.
The EUR/USD hit a daily high of 1.3897 but lacked follow-through to break above the 1.3900 mark and turned south to retest daily lows, weighed by disappointing Eurozone investor confidence. At time of writing, the EUR/USD is trading at the 1.3870 zone, virtually unchanged on the day, with today's calendar barely empty for the rest of the day.
EUR/USD technical outlook
"Last week's high at 1.3914 signals the beginning of a corrective pattern above 1.3820 support zone, before further rise towards 1.4000 sentiment area", said Stoyan Mihaylov, analyst at DeltaStock.com.