FXStreet (Guatemala) – Analysts at TD Securities noted the technical conditions surrounding EUR/USD.
Key Quotes:
“The weekly charts echo the consolidation message of the shorter-term trends; a weekly bear flag underscores the importance of a break under support in the low 1.09 area (downside move resumes, possibly aggressively).”
“But the longer-term picture does allow for more upside (high 1.16s where the channel ceiling current converges with the 40-week MA) while the consolidation plays out.”
“The fact that the market has barely gotten back to the 23.6% retracement point since the March/April base might suggest a fair bit of scope for corrective gains to play out. But it also underscores how weak the EUR bounce thus far has been after the slide from 1.40.”
(Market News Provided by FXstreet)