Valeria Bednarik, Chief Analyst at FXStreet, shares the technical outlook for EUR/USD, with the pair showing no major reaction post the US and EZ releases.
Key Quotes
“The EUR/USD pair can’t find a way this Friday, trading around its daily opening and despite key macroeconomic data has been released for both economies.”
“Earlier on the day, EZ inflation turned out negative, a confirmation of the ongoing deflation in the area. In the US, GDP figures showed the economy expanded at a slower pace than forecasted in the QE, printing 2.6% against an expected 3.3% grow.”
“The EUR/USD however, continues to trade in the lows 1.13’ with the 1 hour chart showing price moving back and forth around 20 and 100 SMAs, both flat in a 10 pip range, while indicators hold in neutral territory.”
“In the 4 hours chart indicators turn slightly lower but also around their midlines, lacking directional strength at the time being.”
“Selling interest has surged again earlier on the day near the 50% retracement of the latest bearish run at 1.1365, becoming the critical resistance to break to confirm an upward extension.”
“The main support on the other hand, stands at 1.1250 a static support as per several intraday lows posted around it during these last few days.”
Key Quotes
“The EUR/USD pair can’t find a way this Friday, trading around its daily opening and despite key macroeconomic data has been released for both economies.”
“Earlier on the day, EZ inflation turned out negative, a confirmation of the ongoing deflation in the area. In the US, GDP figures showed the economy expanded at a slower pace than forecasted in the QE, printing 2.6% against an expected 3.3% grow.”
“The EUR/USD however, continues to trade in the lows 1.13’ with the 1 hour chart showing price moving back and forth around 20 and 100 SMAs, both flat in a 10 pip range, while indicators hold in neutral territory.”
“In the 4 hours chart indicators turn slightly lower but also around their midlines, lacking directional strength at the time being.”
“Selling interest has surged again earlier on the day near the 50% retracement of the latest bearish run at 1.1365, becoming the critical resistance to break to confirm an upward extension.”
“The main support on the other hand, stands at 1.1250 a static support as per several intraday lows posted around it during these last few days.”
