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13 Apr 2015
EUR/USD: Downside bias but held up at 1.0581 so far
FXStreet (Guatemala) - EUR/USD is currently trading at 1.0612 with a high of 1.0619 and a low of 1.0581.
EUR/USD has support at 1.0580 but sits in highly negative territory below 1.0680 with a back log of headwinds originating at the 1.10 handle. The greenback was once again championing the FX space in to last week's close of business with hawkish minutes from the FOMC negating the negative effects of the poor display from the US labour market in the previous Non farm payrolls results.
Valeria Bednarik, chief analyst at FXStreet said, " The constant drama in between Greece and the other members of the EU, alongside with the stimulus launched by the ECB did the rest, tearing apart the EUR/USD pair that erased most of its past 3-week gains." She explained that the pair is technically bearish with the the 4 hours chart showing that the 20 SMA extended further below the largest moving averages, and maintains a strong bearish slope well above the current level, whilst the technical indicators are hovering in oversold levels, with no signs the pair may attempt to correct higher.
EUR/USD has support at 1.0580 but sits in highly negative territory below 1.0680 with a back log of headwinds originating at the 1.10 handle. The greenback was once again championing the FX space in to last week's close of business with hawkish minutes from the FOMC negating the negative effects of the poor display from the US labour market in the previous Non farm payrolls results.
Valeria Bednarik, chief analyst at FXStreet said, " The constant drama in between Greece and the other members of the EU, alongside with the stimulus launched by the ECB did the rest, tearing apart the EUR/USD pair that erased most of its past 3-week gains." She explained that the pair is technically bearish with the the 4 hours chart showing that the 20 SMA extended further below the largest moving averages, and maintains a strong bearish slope well above the current level, whilst the technical indicators are hovering in oversold levels, with no signs the pair may attempt to correct higher.