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5 Jun 2014
EUR/USD: Once broken critical levels may trigger stops and produce a directional move - FXStreet
FXStreet (Łódź) - Valeria Bednarik, Chief Analyst at FXStreet remarks that EUR/USD has seen subdued trade recently, ahead of the ECB monetary policy decision to be announced later today. The introduction of fresh easing measures has been largely priced in by the markets but the ECB would really have to do a lot to really have an impact.
Key Quotes
"For today, technical readings will have little to do, except for critical levels that once broken, may trigger stops and therefore produce a directional move. In the meantime, there’s not much more than wait and see. "
"As for the EUR/USD in the short term, the hourly chart shows a mild bearish tone as per indicators heading lower in negative territory, and price developing below moving averages, all converging in a 20 pips region, a sign of recent lack of trend."
"The line in the sand to the downside stands around 1.3570, with stops having increased below as of lately. If broken, the downward move may extend down to 1.5320/30 price zone, and once below this last down to 1.3480. Critical resistance stands around 1.3680, 61.8% retracement of this year rally. "
Key Quotes
"For today, technical readings will have little to do, except for critical levels that once broken, may trigger stops and therefore produce a directional move. In the meantime, there’s not much more than wait and see. "
"As for the EUR/USD in the short term, the hourly chart shows a mild bearish tone as per indicators heading lower in negative territory, and price developing below moving averages, all converging in a 20 pips region, a sign of recent lack of trend."
"The line in the sand to the downside stands around 1.3570, with stops having increased below as of lately. If broken, the downward move may extend down to 1.5320/30 price zone, and once below this last down to 1.3480. Critical resistance stands around 1.3680, 61.8% retracement of this year rally. "