20 Jan 2014
EUR/USD recovery falters at 100-day SMA
FXstreet.com (Córdoba) - Despite starting the week on a soft note, the EUR/USD recovered from a 2-month low scored during the Asian trade, erasing daily losses.
The EUR/USD climbed more than 50 pips from a low of 1.3506 and briefly peeped above the 100-day SMA before losing momentum at the 1.3560 area. At time of writing, the pair is trading around 1.3555, recording a 0.1% gain on the day. Up ahead, the US calendar is empty for the session, offering no drivers for the FX market.
EUR/USD technical outlook
"The bias here remains negative and the initial resistance at 1.3585 should cap the upside, for the next leg downwards, to 1.34+", says Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial on the upside is 1.3649 peak".
The EUR/USD climbed more than 50 pips from a low of 1.3506 and briefly peeped above the 100-day SMA before losing momentum at the 1.3560 area. At time of writing, the pair is trading around 1.3555, recording a 0.1% gain on the day. Up ahead, the US calendar is empty for the session, offering no drivers for the FX market.
EUR/USD technical outlook
"The bias here remains negative and the initial resistance at 1.3585 should cap the upside, for the next leg downwards, to 1.34+", says Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial on the upside is 1.3649 peak".