EUR/UD getting into a tighter spot - FXStreet

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the EUR is posting a doji on a daily basis for a second day in a row.



Key Quotes:



“Early Europe weak PMI readings put the pair under mild pressure, albeit buyers surged on a test of 1.3770/80 static support area”.



“US manufacturing PMI however, print a healthy 57.5 showing steady signs of growth over that side of the Atlantic. Nevertheless, stocks fell after closing at record highs on Friday, and the EUR/USD managed to hold around the 1.3600 figure”.



“Technically, there’s not much to add in the overall view, for the most neutral. In the short term the hourly chart shows price within a triangle, with the roof now around 1.3615 and the base at mentioned 1.3575 area, while price holds above moving averages and indicators flat around their midlines”.



“In the 4 hours chart a mild bearish tone comes from momentum indicators albeit only a break below mentioned support the greenback may see some follow through”.



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