24 Jun 2014
EUR/USD shrugs off worse than expected IFO German readings - FXStreet
FXStreet (Łódź) - Following the worse than expected German IFO results, released in the European morning, the EUR/USD broke above yesterday’s high and above a short term descendant trend line, albeit the advance stalled at 1.3627 so far daily high, FXStreet Chief Analyst Valeria Bednarik observes.
Key quotes
"So far, the pair holds above Monday high, but the hourly chart shows no upward momentum, with indicators turning lower above their midlines."
"In the 4 hours chart a slightly positive tone prevails with price above its 20 SMA and indicators right above their midlines."
"However, only a clear acceleration above 1.3645 should be understood as a bullish sign in the pair, looking for a test of 1.3680 Fibonacci level."
Key quotes
"So far, the pair holds above Monday high, but the hourly chart shows no upward momentum, with indicators turning lower above their midlines."
"In the 4 hours chart a slightly positive tone prevails with price above its 20 SMA and indicators right above their midlines."
"However, only a clear acceleration above 1.3645 should be understood as a bullish sign in the pair, looking for a test of 1.3680 Fibonacci level."