17 Aug 2015
EUR/USD: bearish slopes and tones - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that Monday saw majors seesaw in quite limited ranges, with the American dollar ending the day with some gains across the board.
Key Quotes:
"In Europe, the EU Trade Balance for June resulted in a surplus of €26.4B, compared with €16.0 a year before, which helped the EUR/USD pair advance up to 1.1124 intraday.
US data resulted disappointing, with the NY manufacturing index tumbling to -14.9, the lowest in six years, against expectations of a 5.0 advance. The calendar will remain light in both economies this Tuesday, with investors focused on US CPI figures and the FOMC latest minutes, to be released next Wednesday.
Technically, the pair holds around the 38.2% retracement of its latest bullish run, from 1.0847 to 1.1213 at 1.1075 with a short term negative tone, as in the 1 hour chart, the price was rejected by its 100 SMA and holds now below a bearish 20 SMA, whilst the technical indicators present a tepid bearish tone in negative territory.
In the 4 hours chart, the 20 SMA turned south around the 23.6% retracement of the same rally, whilst the technical indicators maintain their bearish slopes in negative territory, supporting the shorter term view. Should the price extend below 1.1060, the downside is open for further declines down to the 1.0980 price zone."
Key Quotes:
"In Europe, the EU Trade Balance for June resulted in a surplus of €26.4B, compared with €16.0 a year before, which helped the EUR/USD pair advance up to 1.1124 intraday.
US data resulted disappointing, with the NY manufacturing index tumbling to -14.9, the lowest in six years, against expectations of a 5.0 advance. The calendar will remain light in both economies this Tuesday, with investors focused on US CPI figures and the FOMC latest minutes, to be released next Wednesday.
Technically, the pair holds around the 38.2% retracement of its latest bullish run, from 1.0847 to 1.1213 at 1.1075 with a short term negative tone, as in the 1 hour chart, the price was rejected by its 100 SMA and holds now below a bearish 20 SMA, whilst the technical indicators present a tepid bearish tone in negative territory.
In the 4 hours chart, the 20 SMA turned south around the 23.6% retracement of the same rally, whilst the technical indicators maintain their bearish slopes in negative territory, supporting the shorter term view. Should the price extend below 1.1060, the downside is open for further declines down to the 1.0980 price zone."