Monday, April 2, 2012

EUR/USD 1,3296

EUR/USD climbed to a 1-week high of 1.3380 during the European session, but found strong resistance and was once again rejected from that area, sliding toward 1.3335 before finding support. At time of writing, EUR/USD is quoting at the 1.3345 area, 0.1% below its weekly opening price.

Despite several attempts within the last couple of weeks, EUR/USD has been unable to clearly overcome the 1.3380/85 zone which has been keeping the upside limited.

From a technical view, "The 4 hours chart shows indicators flat above their midlines, while price develops above 20 SMA with no much strength either side of the board", says Valeria Bednarik, chief analyst at"The upside seems quite limited, and unless an acceleration above 1.3400, more gains seem unlikely; however if above, 1.3485 is next".

To the downside, Bednarik notes that the 1.3310 floor needs to give up to see the pair extending its slide near 1.3270.

1 comment:

  1. I have been following this blog for over a year now. Before Greece tanked and before Ireland tanked. This is very interesting. I work corporate events and the speakers are always saying how the euro as a currency is doomed. Agree?