24 Jun 2014
EUR/USD turning back to finish at the start, 1.36 handle
FXStreet (Guatemala) - EUR/USD is trading at 1.3600, down -0.03% on the day, having posted a daily high at 1.3629 and low at 1.3583.
EUR/USD pulled back down onto the 1.36 handle is testing the downside yet again after recovering from the lows earlier when the pair lost out to positive US data. Val Bednarik, Chief analyst at FXStreet explained that the noisy price action is not reflecting what fundamentals shown today that is, the US economy is stronger than the EU one, “While German IFO survey missed expectations and ECB Nowotny called for deflation, in the other shore of the Atlantic consumer confidence rose up to 85.2 while new home sales printed a whopping 504K, highest in 5 years”. She continued and added that, “In the short term, a mild positive tone prevails with moving averages presenting some bullish slope and indicators crossing their midlines to the upside in the hourly chart, yet either a break below 1.3570 or an advance beyond 1.3645 are now required to set a more directional move in the pair”.
EUR/USD Levels
Spot is presently trading at 1.3600, and next resistance can be seen at 1.3601 (Hourly 100 SMA), 1.3604 (Hourly 20 EMA), 1.3605 (Daily Open), 1.3607 (Weekly High) and 1.3608 (Daily 20 SMA). Next support to the downside can be found at 1.3597 (Daily Classic PP), 1.3585 (Weekly Classic PP), 1.3583 (Daily Low), 1.3580 (Daily Classic S1) and 1.3576 (Hourly 200 SMA).
EUR/USD pulled back down onto the 1.36 handle is testing the downside yet again after recovering from the lows earlier when the pair lost out to positive US data. Val Bednarik, Chief analyst at FXStreet explained that the noisy price action is not reflecting what fundamentals shown today that is, the US economy is stronger than the EU one, “While German IFO survey missed expectations and ECB Nowotny called for deflation, in the other shore of the Atlantic consumer confidence rose up to 85.2 while new home sales printed a whopping 504K, highest in 5 years”. She continued and added that, “In the short term, a mild positive tone prevails with moving averages presenting some bullish slope and indicators crossing their midlines to the upside in the hourly chart, yet either a break below 1.3570 or an advance beyond 1.3645 are now required to set a more directional move in the pair”.
EUR/USD Levels
Spot is presently trading at 1.3600, and next resistance can be seen at 1.3601 (Hourly 100 SMA), 1.3604 (Hourly 20 EMA), 1.3605 (Daily Open), 1.3607 (Weekly High) and 1.3608 (Daily 20 SMA). Next support to the downside can be found at 1.3597 (Daily Classic PP), 1.3585 (Weekly Classic PP), 1.3583 (Daily Low), 1.3580 (Daily Classic S1) and 1.3576 (Hourly 200 SMA).