19 Dec 2014
EUR downside supported at 2014 low - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet notes the bearishness surrounding the EUR.
Key Quotes:
“The short term technical picture for the EUR/USD continues to favor the downside, as the 1 hour chart shows that the price remained contained in its advances by a strongly bearish 20 SMA, whilst indicators head south well into negative territory”.
“In the 4 hours chart indicators also head clearly lower despite in oversold territory, whilst 20 SMA turned south well above current price”.
“The year low stands at 1.2240, and is acting now as the immediate support level, with a break below it probably triggering large stops and fueling the selloff towards the 1.2150 price zone”.
“Support levels: 1.2240 1.2190 1.2150”
“Resistance levels: 1.2315 1.2360 1.2400”
Key Quotes:
“The short term technical picture for the EUR/USD continues to favor the downside, as the 1 hour chart shows that the price remained contained in its advances by a strongly bearish 20 SMA, whilst indicators head south well into negative territory”.
“In the 4 hours chart indicators also head clearly lower despite in oversold territory, whilst 20 SMA turned south well above current price”.
“The year low stands at 1.2240, and is acting now as the immediate support level, with a break below it probably triggering large stops and fueling the selloff towards the 1.2150 price zone”.
“Support levels: 1.2240 1.2190 1.2150”
“Resistance levels: 1.2315 1.2360 1.2400”