26 Nov 2014
EUR/USD pair continues to trade in the 1.24 area – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that the EUR/USD pair continues to trade uneventfully well into the 1.24 area, with a short term probability of a jump higher to 1.2520/50 levels.
Key Quotes
“The EUR/USD pair continues to trade uneventfully well into the 1.24 area, with a spike up to 1.2493 followed by another down to 1.2453 both early Europe, ending up with the pair back around its daily opening.”
“In the meantime, the technical picture shows momentum aiming higher above 100, RSI flat around 50, and price extending above a bearish 20 SMA.”
“It’s also easy to appreciate a double floor
established at 1.2360 with the neckline of the figure at 1.2600, the level to overcome to confirm an interim bottom and a steadier recovery in the pair midterm.”
“But it will take really disappointing readings all through the US session to trigger such 150 pips recovery in the EUR/USD, something quite unlikely considering latest economic improvement.”
“Shorter term however, the pair can advance up to 1.2520/50 daily basis, if market decides to dump the greenback.“
“The main support stands at 1.2400 and it will take a downward acceleration through it to see the pair resuming the bearish tone, with the immediate target at 1.2360, mentioned year low.”
Key Quotes
“The EUR/USD pair continues to trade uneventfully well into the 1.24 area, with a spike up to 1.2493 followed by another down to 1.2453 both early Europe, ending up with the pair back around its daily opening.”
“In the meantime, the technical picture shows momentum aiming higher above 100, RSI flat around 50, and price extending above a bearish 20 SMA.”
“It’s also easy to appreciate a double floor
established at 1.2360 with the neckline of the figure at 1.2600, the level to overcome to confirm an interim bottom and a steadier recovery in the pair midterm.”
“But it will take really disappointing readings all through the US session to trigger such 150 pips recovery in the EUR/USD, something quite unlikely considering latest economic improvement.”
“Shorter term however, the pair can advance up to 1.2520/50 daily basis, if market decides to dump the greenback.“
“The main support stands at 1.2400 and it will take a downward acceleration through it to see the pair resuming the bearish tone, with the immediate target at 1.2360, mentioned year low.”