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18 Apr 2014
EUR/USD ends the week lower
FXStreet (Córdoba) - The EUR/USD corrected lower this week and is on track to close with losses, having retreated from levels above 1.3900 scored last Friday.
The EUR/USD slowly pulled back from above 1.3900 to bottom out at 1.3789 and settled in a range over the last sessions, closing the last 3 days almost unchanged. At time of writing, the EUR/USD is trading at 1.3816, on track to post a 0.47% weekly loss.
Next week, the US will release a string of housing sector figures along with durable goods orders data.
EUR/USD levels to watch
In terms of technical levels, immediate resistances could be found at 1.3822 (Apr 18 high/100-hour SMA), 1.3863 (Apr 17 high) and 1.3882 (Apr 11 closing price). To the downside, supports are seen at 1.3796 (21-day SMA), 1.3782 (50-day SMA) and 1.3736 (Apr 8 low).
EUR/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet, noted that the daily chart shows the EUR/USD remains above the long term daily ascendant trend line coming from 1.2755, July 2013 monthly low, around 1.3750 for the upcoming week. "As long as above this level, risk to the downside remains contained, while below the pair may attempt a test of the 1.3640/60 strong static support zone. But it will only be with a break below this latter the pair will lose its upward potential".
"Weighted by words, the pair failed to close the weekly opening gap as said before, still waiting there in the 1.3890 price zone: it will take a price acceleration above this last to confirm a retest of the year high in the 1.3966 region, while once above market will be looking to test the critical 1.4000 level".
The EUR/USD slowly pulled back from above 1.3900 to bottom out at 1.3789 and settled in a range over the last sessions, closing the last 3 days almost unchanged. At time of writing, the EUR/USD is trading at 1.3816, on track to post a 0.47% weekly loss.
Next week, the US will release a string of housing sector figures along with durable goods orders data.
EUR/USD levels to watch
In terms of technical levels, immediate resistances could be found at 1.3822 (Apr 18 high/100-hour SMA), 1.3863 (Apr 17 high) and 1.3882 (Apr 11 closing price). To the downside, supports are seen at 1.3796 (21-day SMA), 1.3782 (50-day SMA) and 1.3736 (Apr 8 low).
EUR/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet, noted that the daily chart shows the EUR/USD remains above the long term daily ascendant trend line coming from 1.2755, July 2013 monthly low, around 1.3750 for the upcoming week. "As long as above this level, risk to the downside remains contained, while below the pair may attempt a test of the 1.3640/60 strong static support zone. But it will only be with a break below this latter the pair will lose its upward potential".
"Weighted by words, the pair failed to close the weekly opening gap as said before, still waiting there in the 1.3890 price zone: it will take a price acceleration above this last to confirm a retest of the year high in the 1.3966 region, while once above market will be looking to test the critical 1.4000 level".