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29 Aug 2014
EUR/USD: 1.3150/1.3220 may extend into Friday - FXStreet
FXStreet (Bali) - EUR/USD is in a holding pattern ahead of Europe's CPI number due at 9GMT, notes Valeria Bednarik, Chief Analyst at FXStreet, who expects the 1.3150/1.3220 will extend into Friday, and more likely into next week.
Key Quotes
"Technically, the pair has shown little progress once again, as investors will probably wait for upcoming EZ inflation readings before positioning for next week key fundamental readings."
"In the short term, the hourly chart shows price below 20 and 100 SMA, both converging now around 1.3195 and presenting a strong bearish slope, while indicators lost downward potential and remain in negative territory."
"In the 4 hours chart a mild bearish tone is also present, albeit indicators lack directional momentum at the time being, suggesting the 1.3150/1.3220 will extend into Friday, and more likely into next week."
Key Quotes
"Technically, the pair has shown little progress once again, as investors will probably wait for upcoming EZ inflation readings before positioning for next week key fundamental readings."
"In the short term, the hourly chart shows price below 20 and 100 SMA, both converging now around 1.3195 and presenting a strong bearish slope, while indicators lost downward potential and remain in negative territory."
"In the 4 hours chart a mild bearish tone is also present, albeit indicators lack directional momentum at the time being, suggesting the 1.3150/1.3220 will extend into Friday, and more likely into next week."