24 Jan 2014
EUR/USD headed for weekly gain
FXstreet.com (Córdoba) - The EUR/USD failed to sustain gains during the New York session, and it came under pressure after reaching a 3-week high above 1.3700.
The EUR/USD peaked at 1.3738 but sellers sent the pair all the way back to the 1.3665 zone, confining the pair to a phase of consolidation as the week draws to an end. At time of writing, the EUR/USD is trading around 1.3685, virtually unchanged on the day but on track to post a 1.1% weekly gain.
EUR/USD short-term outlook
"Technically, the hourly chart shows price accelerating back below its 20 SMA while momentum hovers around its midline and RSI heads south below 70", says Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart indicators show signs of exhaustion in oversold territory, also favoring a downward correction once price breaks below mentioned 1.3660 support".
The EUR/USD peaked at 1.3738 but sellers sent the pair all the way back to the 1.3665 zone, confining the pair to a phase of consolidation as the week draws to an end. At time of writing, the EUR/USD is trading around 1.3685, virtually unchanged on the day but on track to post a 1.1% weekly gain.
EUR/USD short-term outlook
"Technically, the hourly chart shows price accelerating back below its 20 SMA while momentum hovers around its midline and RSI heads south below 70", says Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart indicators show signs of exhaustion in oversold territory, also favoring a downward correction once price breaks below mentioned 1.3660 support".