19 Dec 2014
EUR/USD remains vulnerable near 2014 lows – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Ani Salama, observes that the EUR/USD pair favors the downside, supported by technicals, anticipating the pair to consolidate for a while before trying to pushing lower below 1.2247.
Key Quotes
“EUR/USD has enjoyed a quiet session Friday in the absence of first-tier economic data and as investors gear up for the holiday season, with the pair having spent the last hours in a narrow range just above this year lows.”
“Technically speaking, short-term indicators continue to favor the downside, although 4-hour charts present oversold conditions which suggests the consolidation phase might extend before another push lower. A break below 1.2247, 2014 low, should pave the way for a fall toward 1.2200 en-route to 1.2133 (Aug 2012 low).”
“On the other hand, the euro needs to recover at least the 1.2300 level to ease the immediate pressure, although the 1.2350/80 area should cap the upside over the next hours.”
Key Quotes
“EUR/USD has enjoyed a quiet session Friday in the absence of first-tier economic data and as investors gear up for the holiday season, with the pair having spent the last hours in a narrow range just above this year lows.”
“Technically speaking, short-term indicators continue to favor the downside, although 4-hour charts present oversold conditions which suggests the consolidation phase might extend before another push lower. A break below 1.2247, 2014 low, should pave the way for a fall toward 1.2200 en-route to 1.2133 (Aug 2012 low).”
“On the other hand, the euro needs to recover at least the 1.2300 level to ease the immediate pressure, although the 1.2350/80 area should cap the upside over the next hours.”