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Forex pairs in this Article » EUR/USD
FXStreet (Córdoba) - Valeria Bednarik, chief analyst at FXStreet notes that indicators support a short term bearish correction in EUR/USD although a break below 1.3620 seems pretty unlikely for today.

Key Quotes


"To the usual calm market offers on Mondays, today the US will be closed amid Presidential day, giving investors little to expect from the pair in the upcoming sessions. If something, the pair has managed to hold around 1.3700, with a timid spike lower early Europe being quickly reversed. However, the daily high stands at 1.3723, a marvelous 30 pips range ever since the day started".

"Technically the 4 hours chart shows price above moving averages, with 200 EMA aiming slightly higher around 1.3620 and 20 SMA a bit stronger 1.3660, both acting as intraday support in case of retracements. Indicators in the same time frame turn lower in overbought territory, supporting a short term bearish correction, albeit price action does not suggests so for now. Fresh daily lows along with some risk aversion may send the pair down towards mentioned 1.3660 area, while below this last, 1.3620 is next. This last, seems pretty unlikely for today".

"The upside continues to be messy, with several daily highs in between 1.3710 and 1.3740, so only a clear advance beyond 1.3750 should suggest the pair is ready to test the 1.3800 level".
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