EUR/USD: Stay with trend, sell on bounces - FXStreet

By FXstreet.com | July 24, 2014 AAA

FXStreet (Bali) - Following the doji bar on the daily, Valeria Bednarik, Chief Analyst, notes that bounces should still been seen as selling opportunities in line with the dominant trend.

Key Quotes

"A higher high, and a lower low were posted in the EUR/USD, but the daily range did not overcame 50 pips. In fact, the daily candle is almost a doji, with almost no body to show."

"For the first time in the week, there was interesting data with European one surprising to the upside: local PMIs resulted stronger than expected, main reason beyond the daily high of 1.3485, while US figures were for the most disappointing, with US manufacturing PMIs down to 56.3 and New Home sales also missing expectations."

"Technically, there are no much directional signs for the EUR/USD with the recovery shy of 1.3500; the hourly chart presents a mild negative tone, with momentum heading lower near its midline and price steady around a flat 20 SMA."

"In the 4 hours chart 20 SMA capped the upside, offering now dynamic resistance in the 1.3475 area, while momentum aims higher still below its midline. A corrective movement may surge on steady gains above 1.3500, thus approaches to 1.3570 should been seen as selling opportunities following the dominant trend."

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