FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that EUR/USD advanced up to 1.1386 in the European session, following a positive opening in local share markets, although the pair faded alongside with stocks, which closed the day pretty much flat, a few points below Monday’s close.
Key Quotes:
“Technically speaking the pair continues hovering around last week’s close, lacking directional strength, although the risk is turning towards the downside in the short term, as the 1 hour chart shows that the early rally was capped by the 100 SMA, while the technical indicators have retreated from near overbought levels and stand now around their mid-lines.”
“In the 4 hours chart, a brief advance beyond the 20 SMA was quickly reversed, and the indicator maintains a bearish slope, whilst the Momentum indicator has retreated from its mid-line and the RSI hovers around 46, limiting chances of a stronger rally for this Wednesday.”
(Market News Provided by FXstreet)