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19 Dec 2013
EUR/USD holds above 1.3650, for now
FXstreet.com (Córdoba) - The EUR/USD dropped toward the lower-end of today's range following the latest string of US data which missed market forecast.
With US initial jobless claims, Philly Fed manufacturing index and new home sales all coming in below expectations, the EUR/USD dipped to a session low of 1.3651, although it stalled a couple of pips above its post-Fed low of 1.3649. At time of writing, the EUR/USD is trading at the 1.3670 area, still 0.1% below its opening price.
EUR/USD technical outlook
"The hourly chart shows 20 SMA capped the upside, maintaining a strong bearish slope above current price, while indicators corrected oversold conditions but remain below their midlines", says Valeria Bednarik, chief analyst at FXstreet.com. "In the 4 hours chart technical readings present a strong bearish tone, supporting further slides ahead of 1.3630 support gives up".
Bednarik locates immediate support levels at 1.3630, 1.3290 and 1.3250, while she sees resistances at 1.3780, 1.3810 and 1.3840.
With US initial jobless claims, Philly Fed manufacturing index and new home sales all coming in below expectations, the EUR/USD dipped to a session low of 1.3651, although it stalled a couple of pips above its post-Fed low of 1.3649. At time of writing, the EUR/USD is trading at the 1.3670 area, still 0.1% below its opening price.
EUR/USD technical outlook
"The hourly chart shows 20 SMA capped the upside, maintaining a strong bearish slope above current price, while indicators corrected oversold conditions but remain below their midlines", says Valeria Bednarik, chief analyst at FXstreet.com. "In the 4 hours chart technical readings present a strong bearish tone, supporting further slides ahead of 1.3630 support gives up".
Bednarik locates immediate support levels at 1.3630, 1.3290 and 1.3250, while she sees resistances at 1.3780, 1.3810 and 1.3840.