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8 Jan 2015
EUR/USD remains offered in oversold conditions - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the conditions surrounding the EUR/USD from european trade in the US handover.
Key Quotes:
"The EUR/USD resumed its slide after the mildest correction ever post FOMC Minutes, trading deep below the 1.1800 level, broken earlier on the day".
The 1.1800 level gave up even before the EZ released its confidence and PPI data, both missing expectations".
"On a positive note, Retail Sales in the Euro area surged 0.06% in November, although it was not enough to trigger EUR demand".
"US unemployment claims missed expectation, increasing by 4K up to 294K, also failing to affect significantly currencies".
"The EUR/USD 1 hour chart shows that the price stands well below a bearish 20 SMA, now around 1.1820, whilst indicators aim to recover from oversold levels".
"In the 4 hours chart however, technical indicators maintain a strong bearish momentum despite deep in oversold territory, supporting further declines on a price acceleration through 1.1745 immediate support".
Key Quotes:
"The EUR/USD resumed its slide after the mildest correction ever post FOMC Minutes, trading deep below the 1.1800 level, broken earlier on the day".
The 1.1800 level gave up even before the EZ released its confidence and PPI data, both missing expectations".
"On a positive note, Retail Sales in the Euro area surged 0.06% in November, although it was not enough to trigger EUR demand".
"US unemployment claims missed expectation, increasing by 4K up to 294K, also failing to affect significantly currencies".
"The EUR/USD 1 hour chart shows that the price stands well below a bearish 20 SMA, now around 1.1820, whilst indicators aim to recover from oversold levels".
"In the 4 hours chart however, technical indicators maintain a strong bearish momentum despite deep in oversold territory, supporting further declines on a price acceleration through 1.1745 immediate support".