13 Jan 2015
EUR/USD consolidating weakness – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that EUR/USD is currently confined to the 1.1750-1.1870 range, and might see a retest of 1.1750 levels if the pair breaks below the short-term support at 1.1790.
Key Quotes
“The EUR/USD pair is pretty sluggish this Tuesday, confined to a 40 pips range and consolidating weakness in the lows 1.18. Speculation the ECB will begin some sort of facilities as soon as this month and market talks about a possible Greek exit keep investors away from the common currency, an scenario that will likely prevail until the Central Bank meeting next Jan 22nd.”
“The pair has been trading between 1.1750 multi-year low and 1.1870, this week high for the last 4 days, and so far seems just like a pause in the middle of the dominant bearish trend, rather than a possible bottom, which means the pair should soon resume the slide.”
“In the meantime, the 4 hours chart shows that the price rests above a flat 20 SMA whilst indicators stand directionless around their midlines, reflecting current lack of directional strength.”
“In the short term the immediate support stands in the 1.1790 area, with a downward acceleration through the level supporting a retest of 1.1750.”
“Above 1.1870 on the other hand, the pair may advance up to the 1.1920 area, where short term sellers will likely reappear and halt the advance.”
Key Quotes
“The EUR/USD pair is pretty sluggish this Tuesday, confined to a 40 pips range and consolidating weakness in the lows 1.18. Speculation the ECB will begin some sort of facilities as soon as this month and market talks about a possible Greek exit keep investors away from the common currency, an scenario that will likely prevail until the Central Bank meeting next Jan 22nd.”
“The pair has been trading between 1.1750 multi-year low and 1.1870, this week high for the last 4 days, and so far seems just like a pause in the middle of the dominant bearish trend, rather than a possible bottom, which means the pair should soon resume the slide.”
“In the meantime, the 4 hours chart shows that the price rests above a flat 20 SMA whilst indicators stand directionless around their midlines, reflecting current lack of directional strength.”
“In the short term the immediate support stands in the 1.1790 area, with a downward acceleration through the level supporting a retest of 1.1750.”
“Above 1.1870 on the other hand, the pair may advance up to the 1.1920 area, where short term sellers will likely reappear and halt the advance.”