FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that EUR/USD advanced up to 1.1329 in the European morning, as local share markets slumped to fresh multi-months lows, but retreated down to 1.1204 to finally stabilize around the 1.1240 region.
Key Quotes:
“Having closed the day in the red, the short term bias is neutral-to-bearish, as the 1 hour chart shows that the price develops below its moving averages, whilst the technical indicators lack directional strength below their mid-lines.”
“In the 4 hours chart, the price is a few pips below a mild bearish 20 SMA, currently around 1.1250 providing an immediate intraday resistance, whilst the technical indicators are heading slightly lower around their mid-lines. A short term line local around 1.1200 provides the immediate intraday support, with a break below it exposing the 1.1160 price zone.”
(Market News Provided by FXstreet)