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26 May 2014
EUR/USD bets are to the downside
FXStreet (Guatemala) - EUR/USD is trading at 1.3644, up 0.11% on the day, having posted a daily high at 1.3655 and low at 1.3615.
EUR/USD is slow at the start of the week as we draw towards a handover in the Asian session, passing on a short term bullish trend. However, the Market Strategy Team at UOB Group explained "The target of 1.3610 highlighted last Monday was almost met with a low of 1.3616 on Friday. With no signs of stabilization, we continue to expect further EUR weakness this week." They further added, "The next support is at 1.3563 and a clear break below this level could lead to a quick move towards 1.3477 as there are hardly any significant supports in between these levels. Only a move above 1.3730 would indicate that the current bearish phase has ended." Meanwhile, Karen Jones, chief analyst at Commerzbank also believes EUR/USD is unlikely to hold here and they said that they look for further losses to the 1.3476 2014 low en route to the 2012-2014 uptrend at 1.3410.
EUR/USD Levels
Current price is 1.3646, with resistance ahead at 1.3655 (Daily High), 1.3655 (Daily Classic R1), 1.3660 (Yesterday's High), 1.3660 (Weekly Classic PP) and 1.3663 (Hourly 100 SMA). Next support to the downside can be found at 1.3639 (Hourly 20 EMA), 1.3637 (Daily 200 SMA), 1.3635 (Daily Classic PP), 1.3630 (Monthly Low) and 1.3630 (Weekly Low).
EUR/USD is slow at the start of the week as we draw towards a handover in the Asian session, passing on a short term bullish trend. However, the Market Strategy Team at UOB Group explained "The target of 1.3610 highlighted last Monday was almost met with a low of 1.3616 on Friday. With no signs of stabilization, we continue to expect further EUR weakness this week." They further added, "The next support is at 1.3563 and a clear break below this level could lead to a quick move towards 1.3477 as there are hardly any significant supports in between these levels. Only a move above 1.3730 would indicate that the current bearish phase has ended." Meanwhile, Karen Jones, chief analyst at Commerzbank also believes EUR/USD is unlikely to hold here and they said that they look for further losses to the 1.3476 2014 low en route to the 2012-2014 uptrend at 1.3410.
EUR/USD Levels
Current price is 1.3646, with resistance ahead at 1.3655 (Daily High), 1.3655 (Daily Classic R1), 1.3660 (Yesterday's High), 1.3660 (Weekly Classic PP) and 1.3663 (Hourly 100 SMA). Next support to the downside can be found at 1.3639 (Hourly 20 EMA), 1.3637 (Daily 200 SMA), 1.3635 (Daily Classic PP), 1.3630 (Monthly Low) and 1.3630 (Weekly Low).