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11 Dec 2014
EUR/USD unable to hold key levels – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Matias Salord, notes that EUR/USD failing to hold key levels indicates that weakness still persists, supporting the outlook that the dominant trend points to the downside.
Key Quotes
“Ahead of the American session momentum favors the downside with the euro struggling to hold above 1.2400. The next support lies at 1.2360, from where it could rebound. If it drops below it could slide further toward 1.2300.”
“Despite breaking key resistance levels on the daily chart, the euro failed to extend the rally and also to remain above the daily 20-SMA, showing again signs of weakness and making clear that the dominant trend points to the downside.”
“For the coming hours the EUR/USD needs to rise above 1.2450 to overcome current weakness and increase the probabilities of another attempt to 1.2500.”
Key Quotes
“Ahead of the American session momentum favors the downside with the euro struggling to hold above 1.2400. The next support lies at 1.2360, from where it could rebound. If it drops below it could slide further toward 1.2300.”
“Despite breaking key resistance levels on the daily chart, the euro failed to extend the rally and also to remain above the daily 20-SMA, showing again signs of weakness and making clear that the dominant trend points to the downside.”
“For the coming hours the EUR/USD needs to rise above 1.2450 to overcome current weakness and increase the probabilities of another attempt to 1.2500.”