16 Feb 2015
EUR/USD within familiar range - FXStreet
FXStreet (Bali) - EUR/USD is still trading within range for most of the last few days ahead of crucial Greek vs EU debt negotiations later on Monday, notes Valeria Bednarik, Chief Analyst at FXStreet, adding that should price extend below 1.1360, the intraday outlook will turn negative, for a potential target of 1.1280.
Key Quotes
"The EUR/USD pair closed last week with some gains, thus the risk continues to be inclined towards a weaker EUR from the fundamental point of view. Greece will remain in the limelight, as on Monday, the euro zone finance ministers will have a meeting to discuss how to keep the country solvent in a way that's acceptable to both sides. The new PM Tsipras attempts to remove the anti-austerity measures imposed by the Troika, and renegotiate the country's burden debt. Its creditors on the other hand, wants Greece to stick to the program, and honor the large debt the country has with them. Furthermore, both the ECB and the FED will release the Minutes of their latest meetings, with the latest expected to be closely scrutinized for hints ahead of April meeting."
"In the meantime, the EUR/USD pair has been trading within range for most of these last few days, finding intraday support and resistance in the Fibonacci levels that correspond to the rally from 1.1097 to 1.1533. The 4 hours chart shows that the price was unable to advance beyond the 1.1435 price zone, 23.6% retracement of the mentioned rally, while the Momentum indicator stands flat right above its mid-line and the RSI turned lower, currently around 56. In the same chart however, the 20 SMA crossed above the 100 SMA below current price, offering intraday support around 1.1360, also a quite strong static level. Should the price extend below this last, the intraday outlook will turn negative, with chances of a decline towards the 1.1280 price zone."
Key Quotes
"The EUR/USD pair closed last week with some gains, thus the risk continues to be inclined towards a weaker EUR from the fundamental point of view. Greece will remain in the limelight, as on Monday, the euro zone finance ministers will have a meeting to discuss how to keep the country solvent in a way that's acceptable to both sides. The new PM Tsipras attempts to remove the anti-austerity measures imposed by the Troika, and renegotiate the country's burden debt. Its creditors on the other hand, wants Greece to stick to the program, and honor the large debt the country has with them. Furthermore, both the ECB and the FED will release the Minutes of their latest meetings, with the latest expected to be closely scrutinized for hints ahead of April meeting."
"In the meantime, the EUR/USD pair has been trading within range for most of these last few days, finding intraday support and resistance in the Fibonacci levels that correspond to the rally from 1.1097 to 1.1533. The 4 hours chart shows that the price was unable to advance beyond the 1.1435 price zone, 23.6% retracement of the mentioned rally, while the Momentum indicator stands flat right above its mid-line and the RSI turned lower, currently around 56. In the same chart however, the 20 SMA crossed above the 100 SMA below current price, offering intraday support around 1.1360, also a quite strong static level. Should the price extend below this last, the intraday outlook will turn negative, with chances of a decline towards the 1.1280 price zone."