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21 Apr 2015
EUR/USD struggling to regain 1.0700 – FXStreet
FXStreet (Barcelona) - EUR/USD has recovered from the daily low at 1.0659, but requires a break above 1.0715 to confirm additional gains, explains Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
“The EUR/USD pair recovered from a daily low set at 1.0659 in the European morning, following market comments about the ECB studying a way to limit financial aid to Greece.”
“In Germany, the ZEW survey for April showed that the local Economic Sentiment fell for the first time since October 2014, down to 53.3 from previous 54.8. In the EZ however, Economic Sentiment improved above expected in the same month. There are no relevant fundamental readings scheduled for the US, with the market then probably continue trading on sentiment.”
“Short term, the 1 hour chart shows that the price stands below the 38.2% retracement of its latest bearish run at 1.0715, the immediate resistance, whilst the 20 SMA heads lower around it. In the same chart, the technical indicators are bouncing from their oversold levels but remain below their mid-lines, which suggest some follow through above the mentioned level is required to confirm additional advances.”
“In the 4 hours chart the Momentum indicator heads lower below 100 whilst RSI indicator stands flat around 48.”
“Support levels: 1.0680 1.0640 1.0590”
“Resistance levels: 1.0715 1.0745 1.0775”
Key Quotes
“The EUR/USD pair recovered from a daily low set at 1.0659 in the European morning, following market comments about the ECB studying a way to limit financial aid to Greece.”
“In Germany, the ZEW survey for April showed that the local Economic Sentiment fell for the first time since October 2014, down to 53.3 from previous 54.8. In the EZ however, Economic Sentiment improved above expected in the same month. There are no relevant fundamental readings scheduled for the US, with the market then probably continue trading on sentiment.”
“Short term, the 1 hour chart shows that the price stands below the 38.2% retracement of its latest bearish run at 1.0715, the immediate resistance, whilst the 20 SMA heads lower around it. In the same chart, the technical indicators are bouncing from their oversold levels but remain below their mid-lines, which suggest some follow through above the mentioned level is required to confirm additional advances.”
“In the 4 hours chart the Momentum indicator heads lower below 100 whilst RSI indicator stands flat around 48.”
“Support levels: 1.0680 1.0640 1.0590”
“Resistance levels: 1.0715 1.0745 1.0775”