28 Apr 2014
EUR/USD continues to hang tough
FXStreet (London) - Following its morning spike following rumours of aggressive Russian Bank buying, EUR/USD has resolutely held above 1.3850 during a day of low data and low volume, but a test could follow soon.
A lack of significant data in Europe, left the pair open to a sharp move, which promptly followed reports of aggressive Russian buying. Currently, EUR/USD is trading at 1.3855, up 0.16% on the day, having posted a daily high at 1.3880 and low at 1.3815 but looks increasingly likely to attempt to test 1.3850 again.
EUR/USD Technicals
RSI is in neutral territory at 50.35, down from it’s last hourly close at 54.98, while ADX is ranging above 30 at 17.37, down from 19.21 at the last hourly close. Looking to a daily chart, we see that RSI is neutral at 54.75. The 200 SMA is currently at 1.3829, up from 1.3820 at the last period close, and climbing on the hourly EUR/USD chart. Moving in an upward trend, the exponential average closing price is 1.3812. On the hourly EUR/USD chart, ATR (14) is presently at 7 pips, while 2-Standard Deviation Volatility Bandwidth is shrinking and currently 15 pips. On a daily chart, 2-Standard Deviation Volatility Bandwidth is shrinking at 184 pips.
EUR/USD Levels and Patterns
With spot trading at 1.3856, we can see next resistance ahead at 1.3859 (Daily Classic R2), 1.3865 (Weekly Classic R1), 1.3868 (Daily Classic R3), 1.3880 (Daily High) and 1.3886 (Monthly High). Support below can be found at 1.3849 (Yesterday's High), 1.3846 (Daily Classic R1), 1.3846 (Daily Open), 1.3837 (Daily Classic PP) and 1.3836 (Hourly 20 EMA). Looking to candlestick patterns, we can see what could be interpreted as a Doji and Hammer formation on the 1-hour chart .
A lack of significant data in Europe, left the pair open to a sharp move, which promptly followed reports of aggressive Russian buying. Currently, EUR/USD is trading at 1.3855, up 0.16% on the day, having posted a daily high at 1.3880 and low at 1.3815 but looks increasingly likely to attempt to test 1.3850 again.
EUR/USD Technicals
RSI is in neutral territory at 50.35, down from it’s last hourly close at 54.98, while ADX is ranging above 30 at 17.37, down from 19.21 at the last hourly close. Looking to a daily chart, we see that RSI is neutral at 54.75. The 200 SMA is currently at 1.3829, up from 1.3820 at the last period close, and climbing on the hourly EUR/USD chart. Moving in an upward trend, the exponential average closing price is 1.3812. On the hourly EUR/USD chart, ATR (14) is presently at 7 pips, while 2-Standard Deviation Volatility Bandwidth is shrinking and currently 15 pips. On a daily chart, 2-Standard Deviation Volatility Bandwidth is shrinking at 184 pips.
EUR/USD Levels and Patterns
With spot trading at 1.3856, we can see next resistance ahead at 1.3859 (Daily Classic R2), 1.3865 (Weekly Classic R1), 1.3868 (Daily Classic R3), 1.3880 (Daily High) and 1.3886 (Monthly High). Support below can be found at 1.3849 (Yesterday's High), 1.3846 (Daily Classic R1), 1.3846 (Daily Open), 1.3837 (Daily Classic PP) and 1.3836 (Hourly 20 EMA). Looking to candlestick patterns, we can see what could be interpreted as a Doji and Hammer formation on the 1-hour chart .