26 Mar 2015
EUR/USD immediate support at 1.0950 – FXStreet
FXStreet (Barcelona) - With oil prices retracing back and US unemployment claims dropping, Valeria Bednarik, Chief Analyst at FXStreet, notes that the USD is fighting to regain ground versus the EUR, but not enough…
Key Quotes
“The market is all about risk-off this Thursday, with commodities soaring amid news reporting Saudi Arabia’s air strikes in Yemen. WTI oil prices soared to $52.46 a barrel, whilst gold futures neared $ 1,220 a troy ounce.”
“The dollar was broadly lower across the board, weighed by weak Durable Goods Orders released on Wednesday. The EUR/USD pair soared up to 1.1051, but the pair changed course after the release of better than expected US weekly unemployment claims, down to 282K.”
“The sharp reversal is also following a retracement in oil prices back towards the $50.00 level, and ahead of key US Marking PMI readings.”
“For the upcoming American session, the short term technical picture has turned towards the downside, as the price broke below its 20 SMA in the 1 hour chart, whilst the technical indicators turned lower and are about to cross their mid-lines.”
“In the 4 hours chart the 20 SMA maintains a strong bullish slope and offers immediate intraday support around 1.0950, whilst the technical indicators maintain their bearish slope, also approaching their midlines from above.”
“The market is quite volatile this Thursday, although a break below the mentioned level should see a downward extension, particularly if US upcoming data results up beating.”
“Support levels: 1.0950 1.0920 1.0890”
“Resistance levels: 1.1000 1.1050 1.1095”
Key Quotes
“The market is all about risk-off this Thursday, with commodities soaring amid news reporting Saudi Arabia’s air strikes in Yemen. WTI oil prices soared to $52.46 a barrel, whilst gold futures neared $ 1,220 a troy ounce.”
“The dollar was broadly lower across the board, weighed by weak Durable Goods Orders released on Wednesday. The EUR/USD pair soared up to 1.1051, but the pair changed course after the release of better than expected US weekly unemployment claims, down to 282K.”
“The sharp reversal is also following a retracement in oil prices back towards the $50.00 level, and ahead of key US Marking PMI readings.”
“For the upcoming American session, the short term technical picture has turned towards the downside, as the price broke below its 20 SMA in the 1 hour chart, whilst the technical indicators turned lower and are about to cross their mid-lines.”
“In the 4 hours chart the 20 SMA maintains a strong bullish slope and offers immediate intraday support around 1.0950, whilst the technical indicators maintain their bearish slope, also approaching their midlines from above.”
“The market is quite volatile this Thursday, although a break below the mentioned level should see a downward extension, particularly if US upcoming data results up beating.”
“Support levels: 1.0950 1.0920 1.0890”
“Resistance levels: 1.1000 1.1050 1.1095”