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2 Dec 2014
EUR/USD to trade sideways - FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, sees the EUR/USD pair likely to trade sideways today in the range of 1.2440 – 1.2540 levels.
Key Quotes
“The EUR/USD pair failed to sustain gains above 1.25 levels; finishing at 1.2471 levels. The pair formed a Doji candle on the daily chart; having closed more or less unchanged after swinging from 1.2419 to 1.2508 levels. A fresh sign of weakness is seen today as the pair weakened to 1.2463 levels, after failing to rise above the 5-DMA and the 10-DMA located at 1.2470 and 1.2475 levels respectively.”
“Meanwhile, the hourly chart shows, the pair is more likely to dip towards 1.24 levels as the RSI has turned bearish at 47.29 levels. However, the weekly 5-SMA located at 1.2454 is likely to act as a strong support. On the other hand, gains are likely to be capped at the weekly 10-DMA located at 1.2537. Thus, the pair is likely to trade in a sideways manner today in the range of 1.2440 to 1.2540 levels.”
Key Quotes
“The EUR/USD pair failed to sustain gains above 1.25 levels; finishing at 1.2471 levels. The pair formed a Doji candle on the daily chart; having closed more or less unchanged after swinging from 1.2419 to 1.2508 levels. A fresh sign of weakness is seen today as the pair weakened to 1.2463 levels, after failing to rise above the 5-DMA and the 10-DMA located at 1.2470 and 1.2475 levels respectively.”
“Meanwhile, the hourly chart shows, the pair is more likely to dip towards 1.24 levels as the RSI has turned bearish at 47.29 levels. However, the weekly 5-SMA located at 1.2454 is likely to act as a strong support. On the other hand, gains are likely to be capped at the weekly 10-DMA located at 1.2537. Thus, the pair is likely to trade in a sideways manner today in the range of 1.2440 to 1.2540 levels.”