Sergey Golubev / Profil

EUR/USD Technical Strategy:-

Drilling down to examine the four hour chart; a Gravestone Doji suggests the Euro bears may have run out of steam in intraday trade. While a sign of indecision from traders, it may be too early to suggest a shift in sentiment is on the cards for the common currency, given resistance looms nearby.

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EUR/USD Technical Strategy:-

It may be set to extend its recent declines following a break below key support near 1.3670, and the absence of a bullish signal on the daily. Buyers are likely to step in to support the common currency at 1.3560.

Commentaire sur le thème Something Interesting to Read May 2014

EUR/USD: Breaking through several major supports
by Valeria Bednarik | FXStreet

Slowly but steadily, the EUR/USD has broke below several major supports this week, closing a few pips away from the 1.3600 figure and hovering around 200 DMA. The bearish tone was mostly due to weaker European macroeconomic data, that fueled hopes the ECB will act during next meeting, with dollar benefited by rising 10y yields over the last couple days. Nevertheless, the ongoing negative tone seems here to stay, as the daily chart also shows price broke below the 61.8% retracement of this year tally, around 1.3680, and the neckline of a double roof formation around 1.3650, all of them turning the upside quite messy from now on.

It will take a huge trigger to revert the bearish trend right now, and seems there’s not much ahead to trigger so, except maybe US GDP and Durable Goods data; but both numbers will have to disappoint big to gave the EUR a lift in this upcoming last week of the month. In Europe, Germany will gather most of the attention, with unemployment and retail sales readings, and if those disappoint, further downside should be expected.

Technically, the daily chart shows a strong bearish tone, with 20 SMA now capping the upside around 1.3780 also strong static resistance level and probable top in case of unexpected recoveries. Momentum has gathered strength towards the south and maintains it along with RSI that approaches the 30 level, all of which is also supportive of more falls. At this point, immediate support comes around 1.3570, where the daily chart presents several daily highs and lows from past December and January, with a continuation below exposing 1.3440/60 area, also a congestion of daily highs and lows. I would expect this last to be the latest level to reach next week, but if somehow gives up, the run can extend down to 1.3370 area, target of the daily double top.

The first resistance level to watch is the mentioned Fibo at 1.3680, with steady gains above pointing for a test of 1.3735, recent highs, 100 DMA and 50% retracement of the same yearly rally, while as commented above, 1.3780 is next.

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EUR/USD Technical Strategy:-

It has pushed below the 1.3670 mark which has failed to confirm the Hammer formation on the daily. With the Euro closing below the noteworthy level of support, further declines may be on the cards. Buyers are likely to step in to support the common currency at 1.3560.

Commentaire sur le thème Press review