30 Jun 2014
EUR/USD: Strong tone to start the week - FXStreet
FXStreet (Bali) - The EUR/USD starts the week with a nice strong tone, opening around a 2-week high, notes Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
"Slowly but steadily, the pair has been grinding higher after bottoming early June at 1.3502 post ECB decision to loosen its economic policy."
"Would it be able to continue rising after upcoming meeting? This week, the Central Bank is expected to remain on hold, giving then not much reason for the pair to move, yet US employment figures will be release along with it, promising some action across major pairs."
"In the short term, the hourly chart shows price well above a bullish 20 SMA as indicators turn lower but hold above their midlines, reflecting some selling interest at current levels. In the 4 hours chart the technical picture is quite alike with indicators in positive territory, but without upward potential."
"Further advances will face strong resistance at 1.3680 area, 61.8% retracement of this year rally, while if below 1.3610, the pair may attempt another approach to the base of its latest range around 1.3570."
Key Quotes
"Slowly but steadily, the pair has been grinding higher after bottoming early June at 1.3502 post ECB decision to loosen its economic policy."
"Would it be able to continue rising after upcoming meeting? This week, the Central Bank is expected to remain on hold, giving then not much reason for the pair to move, yet US employment figures will be release along with it, promising some action across major pairs."
"In the short term, the hourly chart shows price well above a bullish 20 SMA as indicators turn lower but hold above their midlines, reflecting some selling interest at current levels. In the 4 hours chart the technical picture is quite alike with indicators in positive territory, but without upward potential."
"Further advances will face strong resistance at 1.3680 area, 61.8% retracement of this year rally, while if below 1.3610, the pair may attempt another approach to the base of its latest range around 1.3570."