EUR/USD bounces but dominant trend bearish - FXstreet

By FXstreet.com | July 20, 2014 AAA

FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, while short term indicators turned slightly bullish, the dominant trend in EUR/USD remains bearish.



Key Quotes



"The EUR/USD managed to regain the 1.3500 figure after posting a 5-month low of 1.3490 last Friday, having been then capped by 1.3535 short term static resistance."



"As a new week starts, the pair maintains the weak tone, with the hourly chart showing indicators heading higher above their midlines and 20 SMA with a strong bearish slope offering dynamic resistance also around mentioned 1.3535 level."



"In the 4 hours chart technical readings also present a mild bullish tone, supportive of an upward corrective movement towards 1.3570 former support and probable selling level if reached. Nevertheless the dominant trend is bearish, with 1.3476 this year low still being the critical support to break to confirm a stronger slide during the upcoming sessions."



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY desperate to move away from 107.00
    Forex News

    USD/JPY desperate to move away from 107.00

  2. US Dollar Technical Analysis: Readying to Resume Uptrend?
    Forex News

    US Dollar Technical Analysis: Readying to Resume Uptrend?

  3. GBP/USD goes nowhere ahead of retail sales report
    Forex News

    GBP/USD goes nowhere ahead of retail sales report

  4. EUR/JPY Technical Analysis: Former Resistance Now Support
    Forex News

    EUR/JPY Technical Analysis: Former Resistance Now Support

  5. GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen
    Forex News

    GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen

Trading Center