10 Jun 2013
EUR/USD again finds firm bids near 1.3200
FXstreet.com (Barcelona) - After trading as low as 1.3185 earlier in the session, the EUR/USD managed to again find bids near the major support level at 1.3200 and is currently sitting up 10 pips at 1.3205.
“Good US employment figures last Friday, gave the greenback some air on its bearish momentum particularly against European rivals, and the week starts with some dollar strength, with the EUR/USD trading below the 1.3200 mark. The hourly chart shows a clear bearish momentum with price below 20 SMA, while in the 4 hours chart indicators head south coming from overbought readings and suggesting further downside yet to come. Sole stability above 1.3240 could deny the bearish tone, but a clear break above 1.3300 is now required to deny the negative tone, and see further advances in EUR,”noted Val Bednarik of FXStreet.com
From a longer term view, the technical picture remains more constructive. The FXstreet.com Trend Index remains slightly bullish on the daily chart, while the ob/os index reads overbought. Short term moving averages on the daily chart also remain in bullish set up, with price above both the upward sloping 9 and 20dma’s. On a final note, the RSI (14) confirmed its first bullish shift (close above 60) on the daily chart last week which will be important for the bulls to build on as we start the new week.
“Good US employment figures last Friday, gave the greenback some air on its bearish momentum particularly against European rivals, and the week starts with some dollar strength, with the EUR/USD trading below the 1.3200 mark. The hourly chart shows a clear bearish momentum with price below 20 SMA, while in the 4 hours chart indicators head south coming from overbought readings and suggesting further downside yet to come. Sole stability above 1.3240 could deny the bearish tone, but a clear break above 1.3300 is now required to deny the negative tone, and see further advances in EUR,”noted Val Bednarik of FXStreet.com
From a longer term view, the technical picture remains more constructive. The FXstreet.com Trend Index remains slightly bullish on the daily chart, while the ob/os index reads overbought. Short term moving averages on the daily chart also remain in bullish set up, with price above both the upward sloping 9 and 20dma’s. On a final note, the RSI (14) confirmed its first bullish shift (close above 60) on the daily chart last week which will be important for the bulls to build on as we start the new week.