11 Feb 2015
EUR/USD: Downtrend potential increasing - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the American dollar was on demand this Wednesday, favored since early in the US session in a day with no fundamental data to watch for.
The EUR/USD traded marginally lower for most of the day, printing a daily low of 1.1281, but restricted to a tight range amid ongoing concerns over the future of Greece beneath the Euro zone, and the peace talks in Ukraine. The Euro group started a two-day meeting with the finance ministers appointed to discuss the Greek situation.
"Technically, the EUR/USD pair has seen it downward potential increase, trading near the bottom of its recent range. Short term, the 1 hour chart presents a mild negative tone as the price develops below its 20 SMA whilst the technical indicators aim slightly lower below their mid-lines, but lacking strength."
"In the 4 hours chart is clear that sellers have surged on approaches to the 50% retracement of the latest bullish run around 1.1320, where the pair also presents a bullish 20 SMA that reinforces the strength of the static resistance level. Indicators in this last time frame, maintain a neutral stance hovering around their mid-lines. The key support remains at the 1.1250/60 price zone, as the area has attracted buyers ever since the month started."
The EUR/USD traded marginally lower for most of the day, printing a daily low of 1.1281, but restricted to a tight range amid ongoing concerns over the future of Greece beneath the Euro zone, and the peace talks in Ukraine. The Euro group started a two-day meeting with the finance ministers appointed to discuss the Greek situation.
"Technically, the EUR/USD pair has seen it downward potential increase, trading near the bottom of its recent range. Short term, the 1 hour chart presents a mild negative tone as the price develops below its 20 SMA whilst the technical indicators aim slightly lower below their mid-lines, but lacking strength."
"In the 4 hours chart is clear that sellers have surged on approaches to the 50% retracement of the latest bullish run around 1.1320, where the pair also presents a bullish 20 SMA that reinforces the strength of the static resistance level. Indicators in this last time frame, maintain a neutral stance hovering around their mid-lines. The key support remains at the 1.1250/60 price zone, as the area has attracted buyers ever since the month started."