18 Feb 2014
Flash: EUR/USD bulls overcome negative ZEW survey - FXStreet
FXStreet (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst notes that according to ZEW survey, economic sentiment decreased both for the EU and Germany, although current situation in the country improved.
Key Quotes
“And whilst EUR/USD stands barely 20 pips away from past Asian opening, the upward potential increased with price pressuring the 1.3730/40 areas. Maybe the movement is purely greenback weakness, yet after three days of range, there’s a chance the pair will finally break higher.”
“Technically, the 4 hours chart shows price recovering after approaching a strongly bullish 20 SMA, while indicators head back higher in positive territory, having already corrected extreme overbought readings: a price acceleration beyond 1.3750 should signal a stronger advance as stops get triggered, eyeing then 1.3830 price zone, where the monthly descendant trend line coming from 1.6038 should offer strong resistance.”
“Failure to advance beyond mentioned 1.3750 area should keep the pair range bound, as only below 1.3685 chances of a bearish corrective movement towards 1.3650 are clearer.”
Key Quotes
“And whilst EUR/USD stands barely 20 pips away from past Asian opening, the upward potential increased with price pressuring the 1.3730/40 areas. Maybe the movement is purely greenback weakness, yet after three days of range, there’s a chance the pair will finally break higher.”
“Technically, the 4 hours chart shows price recovering after approaching a strongly bullish 20 SMA, while indicators head back higher in positive territory, having already corrected extreme overbought readings: a price acceleration beyond 1.3750 should signal a stronger advance as stops get triggered, eyeing then 1.3830 price zone, where the monthly descendant trend line coming from 1.6038 should offer strong resistance.”
“Failure to advance beyond mentioned 1.3750 area should keep the pair range bound, as only below 1.3685 chances of a bearish corrective movement towards 1.3650 are clearer.”