28 Apr 2014
EUR/USD bulls ride along Draghi
FXStreet (Guatemala) - EUR/USD is trading at 1.3850, up 0.12% on the day, having posted a daily high at 1.3880 and low at 1.3815.
EUR/USD is taking on the supply and rallying on support from the bulls which will no doubt be squeezing as much as they can out of Draghi’s remarks to German MP’s. His comments suggest that the ECB will not be entertaining QE any time soon due to the complications of hosting 18 different countries each with their own domestic economies, debt markets and governments – again, “the one size doesn’t fit all” scenario is a complication for the ECB. Despite the rally, EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bullish and looking to a daily chart, we see that RSI is neutral at 54.75.
EUR/USD chart formations
Looking to candlestick patterns, we can see a Doji and Hammer formation on the 1-hour chart .
EUR/USD Levels
With spot trading at 1.3851, we can see next resistance ahead at 1.3859 (Daily Classic R2), 1.3865 (Weekly Classic R1), 1.3868 (Daily Classic R3), 1.3880 (Daily High) and 1.3886 (Monthly High). Support below can be found at 1.3849 (Yesterday's High), 1.3846 (Daily Classic R1), 1.3846 (Daily Open), 1.3837 (Daily Classic PP) and 1.3836 (Hourly 20 EMA).
EUR/USD is taking on the supply and rallying on support from the bulls which will no doubt be squeezing as much as they can out of Draghi’s remarks to German MP’s. His comments suggest that the ECB will not be entertaining QE any time soon due to the complications of hosting 18 different countries each with their own domestic economies, debt markets and governments – again, “the one size doesn’t fit all” scenario is a complication for the ECB. Despite the rally, EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bullish and looking to a daily chart, we see that RSI is neutral at 54.75.
EUR/USD chart formations
Looking to candlestick patterns, we can see a Doji and Hammer formation on the 1-hour chart .
EUR/USD Levels
With spot trading at 1.3851, we can see next resistance ahead at 1.3859 (Daily Classic R2), 1.3865 (Weekly Classic R1), 1.3868 (Daily Classic R3), 1.3880 (Daily High) and 1.3886 (Monthly High). Support below can be found at 1.3849 (Yesterday's High), 1.3846 (Daily Classic R1), 1.3846 (Daily Open), 1.3837 (Daily Classic PP) and 1.3836 (Hourly 20 EMA).