4 Feb 2014
Flash: EUR/USD losing upward potential - FXStreet
FXStreet (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst notes that having started the day with a slightly positive tone, the EUR/USD slowly losses its upward potential, consolidating a few pips above the 1.3500 level ahead of US opening.
Key Quotes
“The hourly chat shows price around a flat 20 SMA and indicators horizontal in neutral territory, giving no clues on upcoming direction. In the 4 hours chart, indicators corrected extreme oversold readings and bend lower in negative territory, while 20 SMA capped the upside a couple of times already this Tuesday, offering now dynamic resistance around 1.35350.”
“When it comes to market sentiment, Nikkei lost big over past Asian session, albeit US indexes point to open with some modest gains. If stocks recover ground, the EUR may advance further yet steady gains above 1.3550 are required to erase at least temporarily, current negative tone.”
“Support levels: 1.3505 1.3470 1.3440. Resistance levels: 1.3520 1.3550 1.3590.”
Key Quotes
“The hourly chat shows price around a flat 20 SMA and indicators horizontal in neutral territory, giving no clues on upcoming direction. In the 4 hours chart, indicators corrected extreme oversold readings and bend lower in negative territory, while 20 SMA capped the upside a couple of times already this Tuesday, offering now dynamic resistance around 1.35350.”
“When it comes to market sentiment, Nikkei lost big over past Asian session, albeit US indexes point to open with some modest gains. If stocks recover ground, the EUR may advance further yet steady gains above 1.3550 are required to erase at least temporarily, current negative tone.”
“Support levels: 1.3505 1.3470 1.3440. Resistance levels: 1.3520 1.3550 1.3590.”