7 Apr 2014
EUR/USD still capped below 1.3720/30 - FXStreet
FXStreet (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst comments that the market is seeing a slow start of the week with the dollar easing some against its major rivals, although the movements lack momentum due to the heavy look in stocks over the world.
Key Quotes
“The Nikkei closed down and European indexes are trading in red along with US futures. Nevertheless, The EUR/USD has managed to extend its bounce up to 1.3720, halting around the 50% retracement of its latest daily bullish run, remaining unable to regain it ever since last Thursday ECB meeting.”
“Technically the 4 hours chart shows indicators aiming higher from oversold readings, while 20 SMA maintains a strong bearish slope above current price, offering dynamic resistance around 1.3730 also past Friday US session high, becoming then the immediate resistance level to break to confirm a bullish extension towards the 1.3750/80 price zone.”
“The downside is being defended by buyers around 1.3660 (61.8% retracement of the same rally) and 1.3680, a long term ascendant trend line coming from 1.2755: it takes a price acceleration below this area to trigger a bearish run, looking then for a test of 1.3600/20 price zone.”
Key Quotes
“The Nikkei closed down and European indexes are trading in red along with US futures. Nevertheless, The EUR/USD has managed to extend its bounce up to 1.3720, halting around the 50% retracement of its latest daily bullish run, remaining unable to regain it ever since last Thursday ECB meeting.”
“Technically the 4 hours chart shows indicators aiming higher from oversold readings, while 20 SMA maintains a strong bearish slope above current price, offering dynamic resistance around 1.3730 also past Friday US session high, becoming then the immediate resistance level to break to confirm a bullish extension towards the 1.3750/80 price zone.”
“The downside is being defended by buyers around 1.3660 (61.8% retracement of the same rally) and 1.3680, a long term ascendant trend line coming from 1.2755: it takes a price acceleration below this area to trigger a bearish run, looking then for a test of 1.3600/20 price zone.”