14 Mar 2014
Flash: EUR/USD forecast sees buying dips more favoured - FXStreet
FXStreet (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst notes that after yesterday’s nose dive, the EUR/USD is on recovery mode this Friday, nearing again the 1.3900 level.
Key Quotes
“The violence of the slide triggered by ECB president down talking EUR had more to do with profit taking it seems, as the pair is back up, suggesting buying the dips is still the name of the game.”
“The 4 hours chart shows price right above a flat 20 SMA and indicators bouncing from their midlines, after price found strong support around 1.3840 price zone. Again struggling at a key figure,a price acceleration beyond 1.3910 is required to confirm an upward continuation today towards the 1.3960/70 price zone.”
“But the rally will be dependent on sentiment: if market remains nervous, some quiet consolidation in between 1.3840 and 1.3920 should be expected today.”
“Selling seems more of a quick short term option, as the overall sentiment remains to the upside despite Draghi and risk: below 1.3820 a downward correction towards 1.3770 can be expected, but buyers will likely surge on approaches to this last.”
Key Quotes
“The violence of the slide triggered by ECB president down talking EUR had more to do with profit taking it seems, as the pair is back up, suggesting buying the dips is still the name of the game.”
“The 4 hours chart shows price right above a flat 20 SMA and indicators bouncing from their midlines, after price found strong support around 1.3840 price zone. Again struggling at a key figure,a price acceleration beyond 1.3910 is required to confirm an upward continuation today towards the 1.3960/70 price zone.”
“But the rally will be dependent on sentiment: if market remains nervous, some quiet consolidation in between 1.3840 and 1.3920 should be expected today.”
“Selling seems more of a quick short term option, as the overall sentiment remains to the upside despite Draghi and risk: below 1.3820 a downward correction towards 1.3770 can be expected, but buyers will likely surge on approaches to this last.”