4 Mar 2015
EUR/USD about to challenge the year low – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, gives the technical outlook for EUR/USD, with today’s price action suggesting the pair is on its way to challenge the year low.
Key Quotes
“The EUR/USD pair traded as low as 1.1103 this Wednesday, weighed by worse than expected Services PMI in the Euro area, and looming ECB meeting this Thursday.”
“The US ADP private survey said the country added 212K new jobs last February, slightly below the 220K expected, and with January reading reviewed to the upside, up to 250K.”
“Early in the US session, the pair trades near the mentioned low, with 1.1150 capping the upside, and the 1 hour chart showing that the price holds below a bearish 20 SMA, whilst indicators turned flat after correcting oversold readings.”
“In the 4 hours chart the bearish tone has lost downward momentum, but is far from signaling a change in the dominant bearish trend.”
“The market may remain on hold ahead of tomorrow's ECB decision, furthermore considering the Central Bank is expected to shed light on the QE program expected to be launched as soon as next week."
“Support levels: 1.1095 1.1050 1.1010”
“Resistance levels: 1.115 1.1180 1.1230”
Key Quotes
“The EUR/USD pair traded as low as 1.1103 this Wednesday, weighed by worse than expected Services PMI in the Euro area, and looming ECB meeting this Thursday.”
“The US ADP private survey said the country added 212K new jobs last February, slightly below the 220K expected, and with January reading reviewed to the upside, up to 250K.”
“Early in the US session, the pair trades near the mentioned low, with 1.1150 capping the upside, and the 1 hour chart showing that the price holds below a bearish 20 SMA, whilst indicators turned flat after correcting oversold readings.”
“In the 4 hours chart the bearish tone has lost downward momentum, but is far from signaling a change in the dominant bearish trend.”
“The market may remain on hold ahead of tomorrow's ECB decision, furthermore considering the Central Bank is expected to shed light on the QE program expected to be launched as soon as next week."
“Support levels: 1.1095 1.1050 1.1010”
“Resistance levels: 1.115 1.1180 1.1230”