3 Dec 2014
EUR/USD finds a wall at 1.2300
The euro was crushed against 1.2300 versus the US dollar, but the couple resisted above this level behaved like a real wall.
The EUR/USD lost 45 pips in the American session from 1.2345 to find buying interest at the 1.2300. The pair is now back at 1.2315 in a low volume trade. Currently, EUR/USD is trading at 1.2313, down -0.55% on the day, having posted a daily high at 1.2392 and low at 1.2301.
The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish.
EUR/USD sentiment
According to Valeria Bednarik, "general dollar strength and deteriorated European data ahead of key ECB meeting on Thursday were behind the movement." Markets are trading in low volume trade ahead of ECB and NFP data. "Nevertheless, the dominant bearish trend is undeniable and if somehow the ECB triggers an EUR recovery, investors will likely see it as an opportunity to sell higher," points out Bednarik.
If the pair extends bounce from 1.2300, it will find resistances at 1.2345, 1.2360 and 1.2400. To the downside, 1.2300 is the level to be broken before 1.2230 and 1.2190.
The EUR/USD lost 45 pips in the American session from 1.2345 to find buying interest at the 1.2300. The pair is now back at 1.2315 in a low volume trade. Currently, EUR/USD is trading at 1.2313, down -0.55% on the day, having posted a daily high at 1.2392 and low at 1.2301.
The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish.
EUR/USD sentiment
According to Valeria Bednarik, "general dollar strength and deteriorated European data ahead of key ECB meeting on Thursday were behind the movement." Markets are trading in low volume trade ahead of ECB and NFP data. "Nevertheless, the dominant bearish trend is undeniable and if somehow the ECB triggers an EUR recovery, investors will likely see it as an opportunity to sell higher," points out Bednarik.
If the pair extends bounce from 1.2300, it will find resistances at 1.2345, 1.2360 and 1.2400. To the downside, 1.2300 is the level to be broken before 1.2230 and 1.2190.