5 Feb 2014
Flash: EUR/USD 1.3550 seems to much - FXStreet
FXStreet (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst notes that EUR/USD extended its shy rally up to 1.3554 before the release of a quite disappointing ADP number, missing expectations and with a downward revision of previous numbers.
Key Quotes
“Nevertheless 1.3550 strong static resistance level seems to have been too much for the pair, as price quickly retraced back to its 1.3510 price zone, where it stood for most of the last 3 days. Seems investors are wary to go nowhere with the pair, ahead of ECB economic decision tomorrow.”
“Technically, the hourly chart shows indicators horizontal around their midlines and price moving back and forth around a flat 20 SMA, while the 4 hours chart shows a similar picture, with candles showing long wicks either side of the board. There’s little to be expected from the pair today, probably confined to this week range until first line news are out later this week.”
“Support levels: 1.3490 1.3440 1.3500. Resistance levels: 1.3520 1.3550 1.3590.”
Key Quotes
“Nevertheless 1.3550 strong static resistance level seems to have been too much for the pair, as price quickly retraced back to its 1.3510 price zone, where it stood for most of the last 3 days. Seems investors are wary to go nowhere with the pair, ahead of ECB economic decision tomorrow.”
“Technically, the hourly chart shows indicators horizontal around their midlines and price moving back and forth around a flat 20 SMA, while the 4 hours chart shows a similar picture, with candles showing long wicks either side of the board. There’s little to be expected from the pair today, probably confined to this week range until first line news are out later this week.”
“Support levels: 1.3490 1.3440 1.3500. Resistance levels: 1.3520 1.3550 1.3590.”