24 Mar 2014
EUR/USD pressuring key support - FXStreet
FXStreet (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst comments that EUR/USD is not having a good day this Monday, pressured lower by local PMI readings: while French ones improved above 50 first time since late 2013, German and EU ones missed expectation by far, forcing EUR/USD to give up its daily gains.
Key Quotes
“Having been as high as 1.3825, the pair trades at fresh daily lows right below the 1.3780 level,38.2% retracement of its latest bullish run. The 4 hours chart also shows current candle opened below 200 EMA, and extends below it, while indicators retrace from their midlines after correcting oversold readings reached on Friday. Finally, 20 SMA capped the upside and maintains a strong bearish slope, currently around 1.3810.”
“Immediate support comes at past week low of 1.3748 and a break below it should lead to a continued slide towards 1.3680/1.3710 price zone, where buyers had been defending the downside since mid February.”
“Only above 1.3820 the pair will deny the negative tone and attempt a recovery, eyeing then 1.3850 price zone.”
Key Quotes
“Having been as high as 1.3825, the pair trades at fresh daily lows right below the 1.3780 level,38.2% retracement of its latest bullish run. The 4 hours chart also shows current candle opened below 200 EMA, and extends below it, while indicators retrace from their midlines after correcting oversold readings reached on Friday. Finally, 20 SMA capped the upside and maintains a strong bearish slope, currently around 1.3810.”
“Immediate support comes at past week low of 1.3748 and a break below it should lead to a continued slide towards 1.3680/1.3710 price zone, where buyers had been defending the downside since mid February.”
“Only above 1.3820 the pair will deny the negative tone and attempt a recovery, eyeing then 1.3850 price zone.”