27 Apr 2015
EUR/USD bulls failed at 1.0920 resistance
FXStreet (Guatemala) - EUR/USD is currently trading 1.0885 with a high of 1.0926 and a low of 1.0819.
The major showed itself on the 1.09 handle momentarily earlier in the US shift when it managed a score through 1.0920 bringing the 1.10 handle back in to full picture and the early April highs. However, the supply there took the pair back to 1.0880 support where we are consolidating as we move across to early Asia. There was little in the way of news but there has been some sentiment today that there will be something to come from the Greeks this week for the IMF and EU minsters this week in respect to their plans for reform which supports the euro, but on the other hand, action speaks louder than words.
From a technical point of view, Valeria Bednarik, chief analyst at FXStreet explained. "The EUR/USD managed to close a second week in-a-row with gains and above 1.0840, the 61.8% retracement of the daily slide between 1.1034 and 1.0519."
Valeria suggests that the short term picture is bullish. "The 4 hours chart shows that the price holds near last Friday's high set at 1.0899, whilst the 20 SMA heads higher below the current price and converging with the 50% retracement of the same rally in the 1.0780 region. In the same chart, the Momentum indicator heads north above 100, whilst the RSI indicator hovers around 61, all of which supports additional gains, should stops above 1.0900 get triggered."
The major showed itself on the 1.09 handle momentarily earlier in the US shift when it managed a score through 1.0920 bringing the 1.10 handle back in to full picture and the early April highs. However, the supply there took the pair back to 1.0880 support where we are consolidating as we move across to early Asia. There was little in the way of news but there has been some sentiment today that there will be something to come from the Greeks this week for the IMF and EU minsters this week in respect to their plans for reform which supports the euro, but on the other hand, action speaks louder than words.
From a technical point of view, Valeria Bednarik, chief analyst at FXStreet explained. "The EUR/USD managed to close a second week in-a-row with gains and above 1.0840, the 61.8% retracement of the daily slide between 1.1034 and 1.0519."
Valeria suggests that the short term picture is bullish. "The 4 hours chart shows that the price holds near last Friday's high set at 1.0899, whilst the 20 SMA heads higher below the current price and converging with the 50% retracement of the same rally in the 1.0780 region. In the same chart, the Momentum indicator heads north above 100, whilst the RSI indicator hovers around 61, all of which supports additional gains, should stops above 1.0900 get triggered."