Sunday, February 27, 2011

EUR/USD 1.3720

EUR/USD has slipped down to its session low at 1.3720, braking through its Friday's low. Pair holds a slightly bearish tone in the hourly chart, although limited to the short term; ahead of both ECB monetary policy and US NFP, "expect the early week to be range bound, with 1.3630 area as probable base for the range" says Valeria Bednarik, Chief Analyst at

Elaborating further on her technical view, Valeria sees the upside rather limited: "Below 20 SMA both in 1 and 4 hours charts, and with indicators heading south, 1.3720 past Friday’s low is immediate support to watch ahead of further loses. Above 1.3760, pair should start a recovery although 1.3860 seems strong enough to keep the upside limited for now".