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11 Jun 2014
EUR/USD trading at fresh 3-day lows - FXStreet
FXStreet (Barcelona) - FXStreet Chief Analyst Valeria Bednarik, worried about the lack of volume in the market extending into summer, notes that EUR/USD traded at fresh 3-day lows yesterday after posting 1.3533 with US opening.
Key quotes
“The hourly chart maintains a clear bearish tone, with indicators losing bearish strength in oversold territory, more because of the lack of activity than of selling interest. ”
“20 SMA in the mentioned time frame presents a strong bearish slope above current price, while the 4 hours chart shows also indicators heading lower in negative territory, and price below moving average, with the distance among them widening and the shorter at the bottom, clearly reflecting where interests are."
“A break below 1.3520 immediate short term support, exposes the year low of 1.3476, while below this last the selloff is expected to accelerate."
“To the upside, 1.3645 price zone is the level to overcome to deny the bearish momentum, pretty unlikely at the time being.”
Key quotes
“The hourly chart maintains a clear bearish tone, with indicators losing bearish strength in oversold territory, more because of the lack of activity than of selling interest. ”
“20 SMA in the mentioned time frame presents a strong bearish slope above current price, while the 4 hours chart shows also indicators heading lower in negative territory, and price below moving average, with the distance among them widening and the shorter at the bottom, clearly reflecting where interests are."
“A break below 1.3520 immediate short term support, exposes the year low of 1.3476, while below this last the selloff is expected to accelerate."
“To the upside, 1.3645 price zone is the level to overcome to deny the bearish momentum, pretty unlikely at the time being.”