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18 Mar 2014
Flash: EUR neutral, cable and Yen bearish – FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained in her analysis that the EUR/USD, for upcoming Asian session, the pair will likely continue ranging. GBP/USD is favoured to the downside and is eyeing the100.60/70 price zone as next key level to test for USD/JPY.
Key Quotes:
“The EUR/USD hourly chart maintains the neutral tone, nothing shocking considering the pair has been trapped in 60 pips for the last 48 hours. In the 4 hours chart indicators present a mild positive tone, but the fact that price holds near the year high supports an overall bullish tone. For upcoming Asian session, the pair will likely continue ranging, albeit a break above 1.3966 this year high, may see a quick spike towards 1.4000, as stops get triggered”
“GBP/USD trades below the 1.6600 level, mostly correcting in the short term, as the hourly chart shows indicators advancing from oversold readings. In the 4 hours chart technical readings present a bearish tone, with indicators turning further south and 20 SMA gaining bearish tone above current price. If the pair holds below the 1.6600 level, 200 EMA and strong static Fibonacci resistance, the downside is favored, with a break below 1.6520 now required to confirm a new leg down”.
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“The USD/JPY held again above the 101.20 level but erased most of Monday gains, having been unable to advance beyond 101.85 static Fibonacci resistance for third day in a row. The hourly chart shows 100 SMA now around the Fibo, reinforcing the strength of the level, while indicators head slightly higher still in negative territory. In the 4 hours chart the technical outlook is mildly bearish, supporting further falls ahead, eyeing 100.60/70 price zone as next key level to test”.
Key Quotes:
“The EUR/USD hourly chart maintains the neutral tone, nothing shocking considering the pair has been trapped in 60 pips for the last 48 hours. In the 4 hours chart indicators present a mild positive tone, but the fact that price holds near the year high supports an overall bullish tone. For upcoming Asian session, the pair will likely continue ranging, albeit a break above 1.3966 this year high, may see a quick spike towards 1.4000, as stops get triggered”
“GBP/USD trades below the 1.6600 level, mostly correcting in the short term, as the hourly chart shows indicators advancing from oversold readings. In the 4 hours chart technical readings present a bearish tone, with indicators turning further south and 20 SMA gaining bearish tone above current price. If the pair holds below the 1.6600 level, 200 EMA and strong static Fibonacci resistance, the downside is favored, with a break below 1.6520 now required to confirm a new leg down”.
.
“The USD/JPY held again above the 101.20 level but erased most of Monday gains, having been unable to advance beyond 101.85 static Fibonacci resistance for third day in a row. The hourly chart shows 100 SMA now around the Fibo, reinforcing the strength of the level, while indicators head slightly higher still in negative territory. In the 4 hours chart the technical outlook is mildly bearish, supporting further falls ahead, eyeing 100.60/70 price zone as next key level to test”.