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EUR/USD Rebound From May 9 Lows

By Masterforex-V ForexMay 14, 2014 01:46AM ET
www.investing.com/analysis/boe-england/metals-u.s.-copper-bounces-after-china-led-sales-push-212725
EUR/USD Rebound From May 9 Lows
By Masterforex-V   |  May 14, 2014 01:46AM ET
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The euro rose 0.01 percent to $1.3757, compared with Friday's monthly low $1.3745. The single currency fell 1.2 percent after European Central bank (ECB) President, Mario Draghi said that the central bank is ready to take new measures in June to stimulate economic growth.
 
Against the pound sterling, the euro traded at 81.51 pence, falling on Monday to a 16-month low of 81.43 pence as investors expect an increase in interest rates by the Bank of England due to accelerating growth of the British economy. Recently published data showed a significant increase in retail sales in April. Pound against the dollar rose to $1.6880 from Friday marked week low of $1.6832. Against the yen, the dollar rose 0.18 percent to 102.29 yen.
 
The Australian dollar fell 0.1 percent to $ 0.9354 before the announcement of the budget for the 2014-2015 Australian financial year and economic statistics from China - the largest market for Australian raw materials.
 
The euro traded at $1.3755.
 
As reported by analysts of forex broker HY Markets, the single currency remained near the monthly low against the dollar after the statement of the Vice-President of the ECB, Vittorio Constancio, that the recent strengthening of the single currency has had an impact on the economy of the eurozone.
 
Recall that last week, ECB President Draghi said the ECB will keep stimulating monetary policy and, if necessary, take immediate action. He added that the ECB will closely monitor the situation in the economy and in the money markets, and, if necessary, will act. Draghi also said the ECB will start to operate comfortably in June. It seems that the market took these words seriously. The ECB has done its job and can now relax, according to forex experts. The state of business sentiment in the euro zone and Germany from the ZEW was published yesterday showing a weaker than expected reading.
 
From a technical point of view, according to HY Markets, EUR/USD rebounded from lows May 9 at $1.3740 and is currently trading at $ 1.3755. Immediate resistance lies at $1.3800 (23.6% Fibo of the recent fall), and then - at $1.3840 (38.2%) and $1.3870 (50%). Below $1.3770, support is at $1.3670 (April 4 lows).  

EUR/USD Chart
EUR/USD Chart

EUR/USD Rebound From May 9 Lows
 

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EUR/USD Rebound From May 9 Lows

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