29 Jan 2014
EUR/USD bounces at 1.3600, back to 1.3675
FXstreet.com (San Francisco) - The Euro's decline against the US Dollar from 1.3680 found support at the 1.3600 area, nearly 1-week lows, where the EUR/USD has bounced to trade back at 1.3675.
Poor EMU data from Private Loans and Money Supply during December would be collaborating with the downside, while emerging markets continue to see another day of currencies’ strong devaluation, complicating the financial scenario.
Stop hunting below 1.3630 fueled the downside, but the 1.3600/10 area (key level and 200-hour MA) worked as strong support. "Just your garden-variety 60 pip bounce in EUR/USD...euro must be a safe-haven all of a sudden...," comments FXBeat Jamie Coleman. "Volatility is running high as emerging markets come under attack and then stabilize."
EUR/USD bias
The EUR/USD is currently trading flat on the day at 1.3670. The short term perspective remains slightly bullish according to the FXStreet trend index in the 15-minute chart. CCI and Momentum are pointing to the north while the MACD is bearish while the Stochastic is neutral.
On the upside, the initial barrier lies at 1.3689 (high Jan 28) followed by 1.3716 (high Jan 27) ahead of 1.3740 (high Jan 24). On the bearish option, a break below 1.3594 (100-d MA) would expose 1.3564 (daily cloud base).
Poor EMU data from Private Loans and Money Supply during December would be collaborating with the downside, while emerging markets continue to see another day of currencies’ strong devaluation, complicating the financial scenario.
Stop hunting below 1.3630 fueled the downside, but the 1.3600/10 area (key level and 200-hour MA) worked as strong support. "Just your garden-variety 60 pip bounce in EUR/USD...euro must be a safe-haven all of a sudden...," comments FXBeat Jamie Coleman. "Volatility is running high as emerging markets come under attack and then stabilize."
EUR/USD bias
The EUR/USD is currently trading flat on the day at 1.3670. The short term perspective remains slightly bullish according to the FXStreet trend index in the 15-minute chart. CCI and Momentum are pointing to the north while the MACD is bearish while the Stochastic is neutral.
On the upside, the initial barrier lies at 1.3689 (high Jan 28) followed by 1.3716 (high Jan 27) ahead of 1.3740 (high Jan 24). On the bearish option, a break below 1.3594 (100-d MA) would expose 1.3564 (daily cloud base).