21 Jul 2014
EUR/USD tight but risks persist to the downside
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXSreet noted that monday has ended up pretty much as it started across the forex board, with volume reduced to a minimum on summer vacations and no data to drive majors.
Key quotes:
“As for the EUR/USD the pair continued trading at the lower end of its recent range, having posted a short lived intraday spike of 1.3548 and a daily low of 1.3512”.
“Technically the hourly chart shows price developing below moving averages, with 100 one now around 1.3535 static resistance, and reinforcing the strength of the level, as price stands below a flat 20 SMA a few pips below. Indicators in the mentioned time frame head south below their midlines, although lacking strength due to the tight range”.
“In the 4 hours chart a mild bearish tone is also present, yet some follow through below 1.3510 is required to see an extension towards 1.3476 this year low. Recoveries will find strong selling interest on approaches to 1.3570 former support”.
“Support levels: 1.3510 1.3476 1.3440”.
“Resistance levels: 1.3535 1.3570 1.3620”.
Key quotes:
“As for the EUR/USD the pair continued trading at the lower end of its recent range, having posted a short lived intraday spike of 1.3548 and a daily low of 1.3512”.
“Technically the hourly chart shows price developing below moving averages, with 100 one now around 1.3535 static resistance, and reinforcing the strength of the level, as price stands below a flat 20 SMA a few pips below. Indicators in the mentioned time frame head south below their midlines, although lacking strength due to the tight range”.
“In the 4 hours chart a mild bearish tone is also present, yet some follow through below 1.3510 is required to see an extension towards 1.3476 this year low. Recoveries will find strong selling interest on approaches to 1.3570 former support”.
“Support levels: 1.3510 1.3476 1.3440”.
“Resistance levels: 1.3535 1.3570 1.3620”.