9 May 2014
EUR/USD is depressed in Asia, close to lows of 1.3831
FXStreet (Moscow) - EUR/USD is trading at 1.3840 after moving to Asian lows at 1.3831
Draghi’s trick worked without a hitch
EUR/USD touched 1.40 briefly, but the upside was not sustained and the pair dropped to 1.3847 as Draghi wound investors around his little finger - once again. He sounded more concrete, more clear about upcoming policy easing, but actually, he got away with mere rhetoric. Now that the major event of the week is behind us, the single currency is likely to consolidate losses. The next major bearish target is 1.3800, though it will take time to reach it. Some profit-taking into the end of the week is not out of the question either, but the rebound will be limited by 1.3880.
What price levels and patterns have to be considered?
Spot is presently trading at 1.3840, and next resistance can be seen at 1.3840 (Daily Open), 1.3840 (Weekly Low), 1.3844 (Weekly Classic PP), 1.3845 (Daily High) and 1.3848 (Daily 20 SMA).
To the downside we see next support at 1.3833 (Yesterday's Low), 1.3832 (Daily Low), 1.3798 (Weekly Classic S1), 1.3793 (Monthly Low) and 1.3783 (Daily Classic S1).
Draghi’s trick worked without a hitch
EUR/USD touched 1.40 briefly, but the upside was not sustained and the pair dropped to 1.3847 as Draghi wound investors around his little finger - once again. He sounded more concrete, more clear about upcoming policy easing, but actually, he got away with mere rhetoric. Now that the major event of the week is behind us, the single currency is likely to consolidate losses. The next major bearish target is 1.3800, though it will take time to reach it. Some profit-taking into the end of the week is not out of the question either, but the rebound will be limited by 1.3880.
What price levels and patterns have to be considered?
Spot is presently trading at 1.3840, and next resistance can be seen at 1.3840 (Daily Open), 1.3840 (Weekly Low), 1.3844 (Weekly Classic PP), 1.3845 (Daily High) and 1.3848 (Daily 20 SMA).
To the downside we see next support at 1.3833 (Yesterday's Low), 1.3832 (Daily Low), 1.3798 (Weekly Classic S1), 1.3793 (Monthly Low) and 1.3783 (Daily Classic S1).