4 Nov 2013
Flash: USD seems to be carving out a bottom - BBH
FXstreet.com (Córdoba) - The USD seems to be carving out a bottom as the technical tone for the greenback has improved in recent days, according to the BBH analyst team.
Key Quotes
"EUR/USD euro has not violated a similar trend line, drawn off the early July and Sept lows, which come in near $1.3425 on Monday. That area also corresponds to a retracement objective. By the end of the week it is closer to $1.3460".
"The 5-day average has just cross below the 20-day today. The RSI and MACDs are moving lower. Assuming the trend line is convincingly violated, the next target would be in the $1.3300-35 area, which represents the next retracement objective and the 100-day moving average. The 200-day moving average comes in closer to $1.3270".
"Given the magnitude of the decline in recent days, it probably requires a move back above the $1.3600-50 area to negate this bearish technical view".
Key Quotes
"EUR/USD euro has not violated a similar trend line, drawn off the early July and Sept lows, which come in near $1.3425 on Monday. That area also corresponds to a retracement objective. By the end of the week it is closer to $1.3460".
"The 5-day average has just cross below the 20-day today. The RSI and MACDs are moving lower. Assuming the trend line is convincingly violated, the next target would be in the $1.3300-35 area, which represents the next retracement objective and the 100-day moving average. The 200-day moving average comes in closer to $1.3270".
"Given the magnitude of the decline in recent days, it probably requires a move back above the $1.3600-50 area to negate this bearish technical view".