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.

comments powered by Disqus
Related Forex Analysis
  1. EUR/USD sitting just above 1.2950 support
    Forex News

    EUR/USD sitting just above 1.2950 support

  2. Yen Gains, Aussie Dollar Falls on Soft Chinese Economic Data
    Forex News

    Yen Gains, Aussie Dollar Falls on Soft Chinese Economic Data

  3. USD/JPY drifting lower, but still well above 107.00
    Forex News

    USD/JPY drifting lower, but still well above 107.00

  4. Crude Oil Prices Aiming to Extend Lower, SPX 500 May Be Topping
    Forex News

    Crude Oil Prices Aiming to Extend Lower, SPX 500 May Be Topping

  5. USD/JPY Technical Analysis: Prices Set New Six-Year High
    Forex News

    USD/JPY Technical Analysis: Prices Set New Six-Year High

Trading Center