23 Jan 2014
Flash: EUR/USD reverses course on improved data - FXstreet
FXstreet.com (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst notes that the EUR/USD surged to a fresh 6 day high of 1.3647, boosted early Europe by improved PMI readings all over the EU, getting its latest impulse on US weekly unemployment claims that came out below expected.
Key Quotes
“The 100 pips advance has reverted the negative tone the pair had, as per now standing well above its 100 DMA, around 1.3580. In the short term, the hourly chart shows price accelerating towards fresh highs while indicators head north in overbought levels, with no signs of a probable downward correction.”
“In the 4 hours chart technical readings also head strongly up in positive territory, while latest candle opened and stand above 200 EMA usually a key midterm support/resistance, offering now support in the 1.3620 area. As long as above it, the upside is favored towards next strong resistance area around 1.3700/10.”
“Support levels: 1.3620 1.3580 1.3540. Resistance levels: 1.3660 1.3705 1.3745.”
Key Quotes
“The 100 pips advance has reverted the negative tone the pair had, as per now standing well above its 100 DMA, around 1.3580. In the short term, the hourly chart shows price accelerating towards fresh highs while indicators head north in overbought levels, with no signs of a probable downward correction.”
“In the 4 hours chart technical readings also head strongly up in positive territory, while latest candle opened and stand above 200 EMA usually a key midterm support/resistance, offering now support in the 1.3620 area. As long as above it, the upside is favored towards next strong resistance area around 1.3700/10.”
“Support levels: 1.3620 1.3580 1.3540. Resistance levels: 1.3660 1.3705 1.3745.”