18 Dec 2014
EUR/USD heading to fresh year lows? - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained the conditions that the EUR/USD was trading within over the US shift and technical outlook.
Key Quotes:
“Following an initial spike to 1.2473, the EUR/USD pair suddenly changed course and dropped to a fresh 7-day high of 1.2320 in less than an hour.
The short term picture shows that the price made a brief spike above a bearish 20 SMA that did not held before moving again well below its 100 and 200 SMAs”.
“Indicators in the same time frame present a strong bearish tone in oversold territory after the 150 pips drop, with no signs of turning north at the time being”.
“In the 4 hours chart the price was also rejected from its 20 SMA whilst indicators present a strong bearish momentum and supporting further declines”.
“The immediate short term resistance stands now at 1.2360, followed by the 1.2400 level, while a break below 1.2310 will likely push the pair to fresh year lows”.
Key Quotes:
“Following an initial spike to 1.2473, the EUR/USD pair suddenly changed course and dropped to a fresh 7-day high of 1.2320 in less than an hour.
The short term picture shows that the price made a brief spike above a bearish 20 SMA that did not held before moving again well below its 100 and 200 SMAs”.
“Indicators in the same time frame present a strong bearish tone in oversold territory after the 150 pips drop, with no signs of turning north at the time being”.
“In the 4 hours chart the price was also rejected from its 20 SMA whilst indicators present a strong bearish momentum and supporting further declines”.
“The immediate short term resistance stands now at 1.2360, followed by the 1.2400 level, while a break below 1.2310 will likely push the pair to fresh year lows”.