EUR/USD: An upward correction on the horizon?

By FXstreet.com | July 28, 2014 AAA

FXStreet (Guatemala) - EUR/USD is trading at 1.3438, down -0.01% on the day, having posted a daily high at 1.3440 and low at 1.3437.

EUR/USD trundling along on a slow start with little to trade around, Valeria Bednarik, chief analyst at FXStreet explained that the big focus will be FOMC meeting albeit chances of a surprise there are limited. “The only way the FED can rock markets is by announcing a sooner than expected rate hike, something pretty unlikely coming from ultra dovish Yellen”.

EUR/USD technically mildly positive

Bednarik explained that the hourly chart shows a mild positive tone coming from technical readings, neutral for the most, while the 4 hours chart maintains the bearish tone as per price developing below moving averages and momentum heading south below its midline. “An upward correction can’t be ruled out, yet sellers are probably waiting in the 1.3475 area, preventing the pair from advancing further”.

EUR/USD hourly levels

With spot trading at 1.3439, we can see next resistance ahead at 1.3427 (Yesterday's Low), 1.3410 1.3380 and 1.3335.

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