EUR needs a break of range 1.3575/1.3645 - FXStreet - FXStreet

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Barcelona) - Valeria Bednarik, chief analyst at FXStreet noted the EUR/USD eased down to the base of its recent range on Thursday in the US, posting a daily low of 1.3575 before bouncing back to its comfort zone around 1.3610.

Key quotes:

“The slide was mostly due to some increase in PCE inflation in the US that fuelled hopes of a sooner rate hike in the US, while there was no reason behind the latest bounce beyond demand”.

“Worth mention the month is about to end, and so the quarter and the first half of the year, usually a time when investors book profits and therefore being one of the reasons beyond sudden unexplainable moves”.

“Technically, there’s little to add to what have been said over the past couple weeks, with the pair needing to break either below 1.3570/80 or above 1.3645 to gain some directional strength. In the short term, the downside is favoured with indicators heading lower below their midlines and price below a bearish 20 SMA yet unless a clear break below, seems little the pair can do”.

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