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11 Mar 2014
EUR/USD erases intraday losses
FXStreet (Córdoba) - The EUR/USD is back at square one Tuesday, having bounced off a fresh post NFP low during the European session.
The EUR/USD came under pressure and triggered stops, extending its pullback from a 2-year high of 1.3914 to a low of 1.3833. However, buyers reappeared and sent the pair back to the 1.3870 zone, where it is currently trading nearly flat on the day. The EUR/USD entered in a consolidative/corrective pattern this week after rallying strongly in the wake of ECB decision to keep policy unchanged last Thursday.
EUR/USD technical outlook
"The bearish correction in EUR/USD lasted little with the pair bouncing from a daily low of 1.3833 back above 1.3850, albeit maintaining a slightly bearish intraday tone according to the hourly chart: indicators hold below their midlines and price below its 20 SMA that gains a mild bearish slope", says Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart price stands right below a still bullish 20 SMA, while momentum turns flat around its midline and RSI heading lower, suggesting there's still risk for a bearish intraday movement towards the 1.3800 figure".
The EUR/USD came under pressure and triggered stops, extending its pullback from a 2-year high of 1.3914 to a low of 1.3833. However, buyers reappeared and sent the pair back to the 1.3870 zone, where it is currently trading nearly flat on the day. The EUR/USD entered in a consolidative/corrective pattern this week after rallying strongly in the wake of ECB decision to keep policy unchanged last Thursday.
EUR/USD technical outlook
"The bearish correction in EUR/USD lasted little with the pair bouncing from a daily low of 1.3833 back above 1.3850, albeit maintaining a slightly bearish intraday tone according to the hourly chart: indicators hold below their midlines and price below its 20 SMA that gains a mild bearish slope", says Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart price stands right below a still bullish 20 SMA, while momentum turns flat around its midline and RSI heading lower, suggesting there's still risk for a bearish intraday movement towards the 1.3800 figure".