30 Oct 2013
EUR/USD prints new weekly low, ST correction or top in place?
FXstreet.com (Barcelona) - EUR/USD continues to drift lower in what is perceived as a short term downside correction, with buyers having struggled in several occasions to break above cement resistance around 1.3820.
EUR/USD, a top in place?
According to Adam Button, lead-US editor at Forexlive, the technical picture in EUR/USD is worsening: "The pair touched below 1.3742, which was the Oct 23 low." Button thinks that the spike higher and reversal "is often one of the best signs of a top", adding "the risk is the Fed but I think the market is seeing a chance Bernanke keeps the door open for a Dec taper Wednesday."
EUR/USD technical analysis
Valeria Bednarik, Chief Analyst at FXstreet.com, also shared her view on the EUR/USD, saying: "The pair maintains the short term negative tone, with price below its 20 SMA and indicators in negative territory. Nevertheless, more buyers await around 1.3710 in case of further dips, leaving the bullish dominant trend pretty much intact. A break below 1.3650 during this Wednesday however, could signal a deeper correction down to 1.3460 before a new leg up surges."
EUR/USD, a top in place?
According to Adam Button, lead-US editor at Forexlive, the technical picture in EUR/USD is worsening: "The pair touched below 1.3742, which was the Oct 23 low." Button thinks that the spike higher and reversal "is often one of the best signs of a top", adding "the risk is the Fed but I think the market is seeing a chance Bernanke keeps the door open for a Dec taper Wednesday."
EUR/USD technical analysis
Valeria Bednarik, Chief Analyst at FXstreet.com, also shared her view on the EUR/USD, saying: "The pair maintains the short term negative tone, with price below its 20 SMA and indicators in negative territory. Nevertheless, more buyers await around 1.3710 in case of further dips, leaving the bullish dominant trend pretty much intact. A break below 1.3650 during this Wednesday however, could signal a deeper correction down to 1.3460 before a new leg up surges."