EUR/USD shrugs off worse than expected IFO German readings - FXStreet

By FXstreet.com | June 24, 2014 AAA

FXStreet (Łódź) - Following the worse than expected German IFO results, released in the European morning, the EUR/USD broke above yesterday’s high and above a short term descendant trend line, albeit the advance stalled at 1.3627 so far daily high, FXStreet Chief Analyst Valeria Bednarik observes.

Key quotes



"So far, the pair holds above Monday high, but the hourly chart shows no upward momentum, with indicators turning lower above their midlines."



"In the 4 hours chart a slightly positive tone prevails with price above its 20 SMA and indicators right above their midlines."



"However, only a clear acceleration above 1.3645 should be understood as a bullish sign in the pair, looking for a test of 1.3680 Fibonacci level."



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