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2 Dec 2014
EUR/USD sees downside pressure – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that USD strength suggests potential for further decline in the EUR/USD pair which trades near its daily lows.
Key Quotes
“The EUR/USD pair trades near its daily low of 1.2409, finding again short term buying interest around the figure that contained the downside for most of these last 2 months. But dollar strength across the board suggest further intraday declines in the pair, and the 1 hour chart supports so, as indicators gain bearish slope below their midlines and 20 SMA gains bearish slope well above current price.”
“In the 4 hours chart the technical outlook is also markedly bearish, with a break below 1.2400 supporting an approach to 1.2360. Below this last, larger stops are suspected and if trigger, the selloff can extend down to 1.2320 on the day.”
Key Quotes
“The EUR/USD pair trades near its daily low of 1.2409, finding again short term buying interest around the figure that contained the downside for most of these last 2 months. But dollar strength across the board suggest further intraday declines in the pair, and the 1 hour chart supports so, as indicators gain bearish slope below their midlines and 20 SMA gains bearish slope well above current price.”
“In the 4 hours chart the technical outlook is also markedly bearish, with a break below 1.2400 supporting an approach to 1.2360. Below this last, larger stops are suspected and if trigger, the selloff can extend down to 1.2320 on the day.”