FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that EUR/USD has been trading in a 50 pips day all day long, meeting buyers on approaches to the 1.1350 price zone, but unable to advance beyond the 1.1400 figure.
Key Quotes:
“The pair however, holds to its latest gains, which maintains the risk towards the upside, regardless a downside corrective movement towards the 1.1300 price zone. Short term, the 1 hour chart shows that the price is now below a horizontal 20 SMA, whilst the technical indicators head lower below their mid-lines, supporting a short term downward corrective move.
In the 4 hours the technical indicators have eased partially from overbought readings, but the Momentum indicator is aiming higher well above its mid-line, whilst the 20 SMA presents a strong upward slope below the current level, supporting additional advances on a break above 1.1400.”
(Market News Provided by FXstreet)