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."

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Video: Euro Trades Curbed by Greece, US Payrolls Setups Complicated

  2. Forex News

    EUR/USD Technical Analysis: Sellers Aim Below 1.10 Figure

  3. Forex News

    Video: Will the Market Move on NFPs with Liquidity, Greece Hanging Over It?

  4. Forex News

    Key Levels to Know on USD Majors Heading into NFPs and July Trade

  5. Forex News

    EUR/USD falls below 1.1050; What's next?

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!