Back
25 Feb 2014
Flash: EUR/USD: Ascendant triangle favors the upside - FXStreet
FXStreet (Córdoba) - Valeria Bednarik, chief analyst at FXStreet notes that the EUR/USD sits steady in its range, consolidating inside an ascendant triangle clear in the 4 hours chart, which roof stands around recent highs in the 1.3770 price zone and needs a break above this latter to confirm a new leg up.
Key Quotes
"Early data was slightly disappointing in minor EU economies, but German GDP came out as expected, supporting the positive tone the pair has. Inflation readings showing signs of improvement over the last few days had taken out partially the pressure of the ECB, so if today’s forecast is better than previous one, the common currency may actually find the support required to finally break higher".
"The 4 hours chart shows a slightly positive tone, but not enough momentum as usual lately. Nevertheless, as long as above 1.3720 daily lows and immediate support, the upside is favored towards 1.3830/50 price zone, while a clear break below mentioned level should lead to a slide towards 1.3680, base of these last days' range".
Key Quotes
"Early data was slightly disappointing in minor EU economies, but German GDP came out as expected, supporting the positive tone the pair has. Inflation readings showing signs of improvement over the last few days had taken out partially the pressure of the ECB, so if today’s forecast is better than previous one, the common currency may actually find the support required to finally break higher".
"The 4 hours chart shows a slightly positive tone, but not enough momentum as usual lately. Nevertheless, as long as above 1.3720 daily lows and immediate support, the upside is favored towards 1.3830/50 price zone, while a clear break below mentioned level should lead to a slide towards 1.3680, base of these last days' range".