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5 Mar 2014
Flash: EUR/USD: what can't go up… - FXStreet
FXStreet (Córdoba) - Valeria Bednarik, chief analyst at FXStreet commented the EUR/USD failed to benefit from Eurozone PMI's and poor ADP data, what has left the pair vulnerable.
Key Quotes
"Not a good day for the EUR this Wednesday, as the common currency found sellers already twice on advances: first, with better than expected Services PMI across the EU area, and then after a worse than expect US ADP survey. Both macro news should have favored the upside in normal times, but market does not know what 'normal' means".
"Ahead of US opening, the hourly chart shows price unable to establish itself above a bearish 20 SMA and pressuring the daily low, while indicators stand in negative territory, albeit showing no actual momentum. In the 4 hours chart a mild bearish tone prevails, supporting further falls towards 1.3640, past week low, with a clear break below 1.3710, Fibonacci support".
"Support levels: 1.3710 1.3680 1.3640. Resistance levels: 1.3770 1.3800 1.3830".
Key Quotes
"Not a good day for the EUR this Wednesday, as the common currency found sellers already twice on advances: first, with better than expected Services PMI across the EU area, and then after a worse than expect US ADP survey. Both macro news should have favored the upside in normal times, but market does not know what 'normal' means".
"Ahead of US opening, the hourly chart shows price unable to establish itself above a bearish 20 SMA and pressuring the daily low, while indicators stand in negative territory, albeit showing no actual momentum. In the 4 hours chart a mild bearish tone prevails, supporting further falls towards 1.3640, past week low, with a clear break below 1.3710, Fibonacci support".
"Support levels: 1.3710 1.3680 1.3640. Resistance levels: 1.3770 1.3800 1.3830".