16 Jan 2014
Flash: EUR/USD: nice bounce towards 1.3650 resistance - FXstreet
FXstreet.com (Barcelona) - Valeria Bednarik, Chief Analyst at FXstreet.com notes that US data in line with expectations sent the dollar lower ahead of US opening, with CPI up 0.3%, diluting some the need of QE tapering.
Key Quotes
“Despite trading in recent ranges, the EUR/USD has managed again to bounce from the ascendant trend line coming from July low and sets fresh daily highs in the 1.3640 area, with the hourly chart showing price accelerating above its 20 SMA, and indicators bouncing from their midlines, still maintaining a quite neutral stance.”
“In the 4 hours chart price just halted around its 200 EMA, usually a strong dynamic resistance/support, while indicators hold in negative territory albeit approaching their midlines. Steady gains above 1.3650 area, should lead to a stronger recovery with short term selling interest waiting in the 1.3700/10 price zone.”
“Support levels: 1.3610 1.3575 1.3530. Resistance levels: 1.3650 1.3690 1.3710.”
Key Quotes
“Despite trading in recent ranges, the EUR/USD has managed again to bounce from the ascendant trend line coming from July low and sets fresh daily highs in the 1.3640 area, with the hourly chart showing price accelerating above its 20 SMA, and indicators bouncing from their midlines, still maintaining a quite neutral stance.”
“In the 4 hours chart price just halted around its 200 EMA, usually a strong dynamic resistance/support, while indicators hold in negative territory albeit approaching their midlines. Steady gains above 1.3650 area, should lead to a stronger recovery with short term selling interest waiting in the 1.3700/10 price zone.”
“Support levels: 1.3610 1.3575 1.3530. Resistance levels: 1.3650 1.3690 1.3710.”