8 Jul 2013
EUR/USD consolidates at daily highs
FXstreet.com (Córdoba) - The EUR/USD stretched higher and printed a marginal new high for the day at the beginning of the New York session.
EUR/USD rose to a fresh daily high of 1.2875 despite recent comments from ECB Draghi, who reiterated key rates will be steady or lower for an extended period and that economy faces downside risks. EUR/USD is currently trading at the 1.2865/70 area, where it is still up 0.4% on the day.
EUR/USD bullish above 1.2795
"In the 4 hours chart however, the pair maintains a strong bearish tone, with 20 SMA maintaining a bearish slope above current price and indicators heading back south after correcting oversold readings", says Valeria Bednarik, chief analyst at FXstreet.com. "The pair holds however above 1.2795 immediate support, and only a break below it will deny the chance of a correction higher today".
EUR/USD rose to a fresh daily high of 1.2875 despite recent comments from ECB Draghi, who reiterated key rates will be steady or lower for an extended period and that economy faces downside risks. EUR/USD is currently trading at the 1.2865/70 area, where it is still up 0.4% on the day.
EUR/USD bullish above 1.2795
"In the 4 hours chart however, the pair maintains a strong bearish tone, with 20 SMA maintaining a bearish slope above current price and indicators heading back south after correcting oversold readings", says Valeria Bednarik, chief analyst at FXstreet.com. "The pair holds however above 1.2795 immediate support, and only a break below it will deny the chance of a correction higher today".