7 Jul 2014
EUR/USD needs to break 1.3570 support – FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that in a day with no macro releases in Europe, nor the US, the EUR/USD managed to edge up with some limited gains after posting a daily low of 1.3575, entering Asian session right above the 1.3600 figure.
Key Quotes:
“Nevertheless, the pair has seen little action all through this Monday, and remains capped below 1.3620, 23.6% retracement of the 1.40/1.35 slide and immediate short term resistance”.
“The hourly chart shows a mild positive tone as per indicators heading higher above their midlines and price standing above its 20 SMA, albeit larger moving averages are still well above current price. In the 4 hours chart, indicators advance but hold well below their midlines, while moving averages converge a few pips above current price, reflecting the clear lack of directional trend”.
“Some advances above mentioned resistance may see price extending its recovery up to 1.3675, 61.8% retracement of this year rally, where buyers will likely halt any other attempt of advancing”.
“To the downside, a break below 1.3570 is required to trigger some stops and fuel a bearish run towards 1.3500/30 price zone”.
Key Quotes:
“Nevertheless, the pair has seen little action all through this Monday, and remains capped below 1.3620, 23.6% retracement of the 1.40/1.35 slide and immediate short term resistance”.
“The hourly chart shows a mild positive tone as per indicators heading higher above their midlines and price standing above its 20 SMA, albeit larger moving averages are still well above current price. In the 4 hours chart, indicators advance but hold well below their midlines, while moving averages converge a few pips above current price, reflecting the clear lack of directional trend”.
“Some advances above mentioned resistance may see price extending its recovery up to 1.3675, 61.8% retracement of this year rally, where buyers will likely halt any other attempt of advancing”.
“To the downside, a break below 1.3570 is required to trigger some stops and fuel a bearish run towards 1.3500/30 price zone”.