29 Jan 2014
Flash: EUR/USD: Still limited, but pressuring higher - FXStreet
FXstreet.com (Córdoba) - Valeria Bednarik, chief analyst at FXStreet notes that the EUR/USD remains confined to a range ahead of Fed decision, and that a break above 1.3710 is needed to confirm the positive bias.
Key Quotes
"As market players wait for FOMC meeting results later today, local share markets opened higher, while emerging markets continue to see another day of currencies' strong devaluation, complicating the financial scenario".
"As for the technical picture, the EUR/USD 4 hours chart shows price developing inside a triangle, while indicators remain flat in neutral territory, reflecting the lack of interest either side of the board ahead of the big news. With the roof of the triangle currently around 1.3685, price needs to actually extend beyond 1.3710 to confirm an upward continuation, targeting first 1.3740 area, ahead of 1.3780/90 price zone".
"Dips continue to attract buyers with the base of the figure standing around 1.3630 along with the 200 EMA in the mentioned time frame, which means only a clear price acceleration below it will favor a bearish run, eyeing then 1.3560 price zone".
Key Quotes
"As market players wait for FOMC meeting results later today, local share markets opened higher, while emerging markets continue to see another day of currencies' strong devaluation, complicating the financial scenario".
"As for the technical picture, the EUR/USD 4 hours chart shows price developing inside a triangle, while indicators remain flat in neutral territory, reflecting the lack of interest either side of the board ahead of the big news. With the roof of the triangle currently around 1.3685, price needs to actually extend beyond 1.3710 to confirm an upward continuation, targeting first 1.3740 area, ahead of 1.3780/90 price zone".
"Dips continue to attract buyers with the base of the figure standing around 1.3630 along with the 200 EMA in the mentioned time frame, which means only a clear price acceleration below it will favor a bearish run, eyeing then 1.3560 price zone".