2 Dec 2013
EUR/USD struggles to build up on gains above daily Kijun sen
FXstreet.com (Barcelona) - While EUR/USD longs had a strong technical reason to turn more confident on the upside prospects after last week's close above the daily Kijun line, the diminutive and slow gains achieved so far above 1.3570/3600 does not bode well for the interest of longs, despite the pullbacks continue to be quite shallow in nature.
According to Valeria Bednarik, Chief Analyst at FXstreet.com: "The EUR/USD starts the week slightly lower, trading below the 1.3600 level and having been unable to overcome 1.3625 area, 61.8% retracement of its latest bearish run past week. The painful advance following ECB rate cut past month, has entered a consolidative stage ahead of this month decision, later this week."
Technically speaking, indicators reflect the lack of buying interest, Valeria notes, "by the 20 SMA gaining bearish slope above current price, with the 4 hours chart technical outlook turning slightly negative, yet still far from suggesting more slides."
Valeria reports immediate support around 1.3555, 50% fib, expecting short term buyers to show up there she notes.
According to Valeria Bednarik, Chief Analyst at FXstreet.com: "The EUR/USD starts the week slightly lower, trading below the 1.3600 level and having been unable to overcome 1.3625 area, 61.8% retracement of its latest bearish run past week. The painful advance following ECB rate cut past month, has entered a consolidative stage ahead of this month decision, later this week."
Technically speaking, indicators reflect the lack of buying interest, Valeria notes, "by the 20 SMA gaining bearish slope above current price, with the 4 hours chart technical outlook turning slightly negative, yet still far from suggesting more slides."
Valeria reports immediate support around 1.3555, 50% fib, expecting short term buyers to show up there she notes.