3 Dec 2014
EUR/USD ready to test 1.2300 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that the EUR/USD pair might head towards 1.2270 levels as the technical charts support the move for a steady decline further.
Key Quotes
“Weak US employment data was not intimidating enough for EUR sellers, as the pair extends its decline to fresh year lows despite ADP survey printed 208K against 221K expected, and revised unit labor cost edged down to -01% during the third quarter.”
“The EUR/USD trades at fresh 2 year lows, still biased lower in the short term as the 1 hour chart shows 20 SMA extended its decline down to 1.2360, former year low and immediate resistance, while indicators head lower, included RSI in oversold territory.”
“In the 4 hours chart indicators also head lower deep in negative territory, pointing for a steady decline towards 1.2270 strong static support zone.”
Key Quotes
“Weak US employment data was not intimidating enough for EUR sellers, as the pair extends its decline to fresh year lows despite ADP survey printed 208K against 221K expected, and revised unit labor cost edged down to -01% during the third quarter.”
“The EUR/USD trades at fresh 2 year lows, still biased lower in the short term as the 1 hour chart shows 20 SMA extended its decline down to 1.2360, former year low and immediate resistance, while indicators head lower, included RSI in oversold territory.”
“In the 4 hours chart indicators also head lower deep in negative territory, pointing for a steady decline towards 1.2270 strong static support zone.”