24 Jan 2014
Flash: EUR faltering at key resistance - FXStreet
FXstreet.com (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst notes that EUR/USD is presently faltering at key resistance.
Key Quotes
“The market is being driven purely by sentiment, with Nikkei nose diving, and dragging stocks down all over the world. The EUR/USD so some temporal demand on dollar weakness, extending its latest rally up to 1.3738, albeit fell back below the 1.3700 mark, approaching now to European morning low of 1.3660. At least, volatility is back this Friday.”
“Technically, the hourly chart shows price accelerating back below its 20 SMA while momentum hovers around its midline and RSI heads south below 70. In the 4 hours chart indicators show signs of exhaustion in oversold territory, also favoring a downward correction once price breaks below mentioned 1.3660 support.”
“Support levels: 1.3660 1.3620 1.3580. Resistance levels: 1.3710 1.3745 1.3790.”
Key Quotes
“The market is being driven purely by sentiment, with Nikkei nose diving, and dragging stocks down all over the world. The EUR/USD so some temporal demand on dollar weakness, extending its latest rally up to 1.3738, albeit fell back below the 1.3700 mark, approaching now to European morning low of 1.3660. At least, volatility is back this Friday.”
“Technically, the hourly chart shows price accelerating back below its 20 SMA while momentum hovers around its midline and RSI heads south below 70. In the 4 hours chart indicators show signs of exhaustion in oversold territory, also favoring a downward correction once price breaks below mentioned 1.3660 support.”
“Support levels: 1.3660 1.3620 1.3580. Resistance levels: 1.3710 1.3745 1.3790.”