9 May 2014
EUR/USD finds support at 1.3765
FXStreet (San Francisco) - The Euro is extending its decline against the US Dollar as the single currency is under pressure after yesterday's Mario Draghi pseudo-promise to act in June.
The EUR/USD fell 225 pips from 1.3995 priced post-Draghi; however, the pair found some buying interest at 1.3765 that drove the pair for a bounce to 1.3790.
Currently, EUR/USD is trading at 1.3783, down 0.40% on the day, having posted a daily high at 1.3845 and low at 1.3765. The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish.
EUR/USD sentiment
Jamie Coleman from FXBeat comments that 'we have a bottom on the charts just a few pips below at 1.3775, so this area is critical. A break opens the way to a 1.3670 retest.'
However, and 'despite EUR sell-off on Draghi,' the ANZ bank analysis team says that 'buy into current weakness as capital inflows remain very strong.'
Below the 1.3765, the EUR/USD would face supports at 1.3740 and 1.3670. On the upside, 1.3830, 1.3860 and 1.3885.
The EUR/USD fell 225 pips from 1.3995 priced post-Draghi; however, the pair found some buying interest at 1.3765 that drove the pair for a bounce to 1.3790.
Currently, EUR/USD is trading at 1.3783, down 0.40% on the day, having posted a daily high at 1.3845 and low at 1.3765. The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish.
EUR/USD sentiment
Jamie Coleman from FXBeat comments that 'we have a bottom on the charts just a few pips below at 1.3775, so this area is critical. A break opens the way to a 1.3670 retest.'
However, and 'despite EUR sell-off on Draghi,' the ANZ bank analysis team says that 'buy into current weakness as capital inflows remain very strong.'
Below the 1.3765, the EUR/USD would face supports at 1.3740 and 1.3670. On the upside, 1.3830, 1.3860 and 1.3885.