15 Jan 2014
EUR/USD holds above 1.3600
FXstreet.com (Córdoba) - Following 2 days of sideways consolidation, the EUR/USD came under pressure amid broad USD strength Wednesday.
The EUR/USD fell to a fresh post-payrolls low of 1.3608 during the European session but found support at the 55-day SMA and even managed to bounce following a solid Eurozone trade balance reading. However, with the recovery being capped by the 1.3630 area, the EUR/USD was confined to a range. At time of writing, the pair is trading at the 1.3625 area, recording a 0.4% loss on the day.
EUR/USD technical outlook
"Yesterday's high at 1.3700 was the final of the corrective pattern above 1.3545 and current outlook is negative, for a slide towards 1.3395 support zone", says Stoyan Mihaylov, analyst at DeltaStock.com. "Major resistance on the upside is still projected at 1.3715".
The EUR/USD fell to a fresh post-payrolls low of 1.3608 during the European session but found support at the 55-day SMA and even managed to bounce following a solid Eurozone trade balance reading. However, with the recovery being capped by the 1.3630 area, the EUR/USD was confined to a range. At time of writing, the pair is trading at the 1.3625 area, recording a 0.4% loss on the day.
EUR/USD technical outlook
"Yesterday's high at 1.3700 was the final of the corrective pattern above 1.3545 and current outlook is negative, for a slide towards 1.3395 support zone", says Stoyan Mihaylov, analyst at DeltaStock.com. "Major resistance on the upside is still projected at 1.3715".