17 Jan 2014
EUR/USD a bearish set up?
FXstreet.com (Guatemala) - EUR/USD eroded the cloud support by the end of this weeks session and comes with a bearish bias with key support in focus, albeit with RSI well below 30.
The base of the cloud was located at 1.3564. Karen Jones, chief economist at Commerzbank explained that we have 2 support lines near term hand at 1.3511, 1.3584 and these will all have to be eroded so that the next leg lower can get underway. “We continue to look for the market to come under pressure and look for this support to be eroded”.
EUR/USD Levels
The 20 DMA is 1.3664, the 50 DMA is 1.3617 and the 200 DMA is 1.3343. RSI (14) reads 21.42. Key support is 1.3511 while spot is at 1.3527. Resistances are 1.3545, 1.3560, 1.3582, 1.3615, 1.3624,1.3650, 1.3699 and
1.3762 .
The base of the cloud was located at 1.3564. Karen Jones, chief economist at Commerzbank explained that we have 2 support lines near term hand at 1.3511, 1.3584 and these will all have to be eroded so that the next leg lower can get underway. “We continue to look for the market to come under pressure and look for this support to be eroded”.
EUR/USD Levels
The 20 DMA is 1.3664, the 50 DMA is 1.3617 and the 200 DMA is 1.3343. RSI (14) reads 21.42. Key support is 1.3511 while spot is at 1.3527. Resistances are 1.3545, 1.3560, 1.3582, 1.3615, 1.3624,1.3650, 1.3699 and
1.3762 .