EUR/USD was hit by German news - FXStreet

By FXstreet.com | August 12, 2014 AAA

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik remarks that the disappointing German ZEW reading for July pushed the EUR/USD down to the 1.3335 level in the European morning.

Key quotes

"Technically, the hourly chart shows price well below its moving averages, with 20 SMA presenting a strong bearish slope and crossing below 100 and 200 ones, which supports the dominant bearish trend."



"Notwithstanding, indicators bounce from oversold readings, supporting current upward corrective movement, that may extend up to 1.3400 without really affecting that trend."



"In the 4 hours chart indicators are biased lower, yet lacking clear bearish momentum at the time being, probably due to the lack of volume over these last few days."



"With market for the most short in the pair, the break lower may produce shallow results, yet 1.3295 continues to be the immediate bearish target once 1.3330 gives up."



comments powered by Disqus
Related Forex Analysis
  1. Weekly Trading Forecast: FX Traders Prepare for Heavy Volatility on FOMC, GDP and ...
    Forex News

    Weekly Trading Forecast: FX Traders Prepare for Heavy Volatility on FOMC, GDP and ...

  2. Trading Video: EURUSD Traders Buckle Up for FOMC, ECB Stress Tests, Risk Trends
    Forex News

    Trading Video: EURUSD Traders Buckle Up for FOMC, ECB Stress Tests, Risk Trends

  3. US Session recap: USD consolidation ahead of FOMC
    Forex News

    US Session recap: USD consolidation ahead of FOMC

  4. A market in a technical snap-shot - RBS
    Forex News

    A market in a technical snap-shot - RBS

  5. EZ gave mixed data at key timings - BBH
    Forex News

    EZ gave mixed data at key timings - BBH

Trading Center