EUR/USD has a critical level at 1.37 handle to watch - FXStreet

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the dollar gathered some pace against its rivals on Wednesday, following the release of the strongest ADP reading in almost 2 years, up to 281K.

Key Quotes:

“The EUR/USD which was already under pressure after failing around 1.3700, extended its decline to post a daily low of 1.3640 before halting, finally closing the day below its 200 DMA again”.

“If it weren’t because of ECB and US Payrolls on Thursday, the pair should continue falling over the upcoming sessions according to technical readings, yet both are consider game changers so cautious should prevail until the releases”.

“Nevertheless and from a technical point of view, the hourly chart shows indicators in negative territory and price developing below 20 and 100 SMAs, showing no directional strength”.

“In the 4 hours chart price stands below 20 SMA while indicators hover around their midlines, having erased early week overbought conditions. Ahead of the news, critical levels to watch are recent highs of 1.3700 to the upside and 1.3570 to the downside, as a break of any extreme should lead to a continued move”.

You May Also Like

Related Forex Analysis
  1. Forex News

    Weekly Trading Forecast: Will Fed and Greek Elections Keep FX Volatility Boiling

  2. Forex News

    Dollar and S&P 500 Traders Hold Breath for Fed Decision

  3. Forex News

    Trading Video: EURUSD, EURJPY and EURGBP Ready for Greek Election

  4. Forex News

    Strategy Video: Euro Risks Are Not Extinguished by ECB Stimulus

  5. Forex News

    US Session Recap: Greenback profits taken off table

Trading Center