15 Jul 2014
EUR harmed by ZEW survey - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that the disappointing German ZEW Survey, released today, weighed on the EUR.
Key quotes
"Technically, EUR/USD has eased back towards the strong base in the 1.3570/80 area, having posted so far a daily low of 1.3586."
"In the 4 hours chart, a clear head and shoulders pattern has surged, with shoulders at 1.3650, the head at 1.3700 and the neckline at mentioned critical support of 1.3570: a clear break below this last should complete the figure and therefore signal a downward continuation, with 1.3440 as the potential target of the figure."
"Considering large amount of stops below 1.3570, the initial slide may extend pretty quickly towards the 1.3500 figure."
"However, range has been the name of the game for the past months and that leaves technical readings in a pretty neutral stance, with moving averages all together in a 20 pips range right above current price, showing no actual directional strength."
"To the upside, 1.3620 is the immediate resistance, and once above, the recovery can extend up to 1.3650 on a dovish Yellen."
Key quotes
"Technically, EUR/USD has eased back towards the strong base in the 1.3570/80 area, having posted so far a daily low of 1.3586."
"In the 4 hours chart, a clear head and shoulders pattern has surged, with shoulders at 1.3650, the head at 1.3700 and the neckline at mentioned critical support of 1.3570: a clear break below this last should complete the figure and therefore signal a downward continuation, with 1.3440 as the potential target of the figure."
"Considering large amount of stops below 1.3570, the initial slide may extend pretty quickly towards the 1.3500 figure."
"However, range has been the name of the game for the past months and that leaves technical readings in a pretty neutral stance, with moving averages all together in a 20 pips range right above current price, showing no actual directional strength."
"To the upside, 1.3620 is the immediate resistance, and once above, the recovery can extend up to 1.3650 on a dovish Yellen."