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Trading news
16 Apr 2015
And 140 pips after, the EUR/USD was sold; back below 1.0750
FXStreet (Tokyo) - The euro is currently fighting to surpass the 1.0750 critical resistance against the US dollar as the pair rallied 140 pips in the European morning from 1.0625 to be sold at 1.0765 and launched back below 1.0750.
The pair is rising amid USD bearishness following another set of US weak economic data. This time, more jobless claims than expected plus less housing starts than awaited.
Currently, EUR/USD is trading at 1.0732, up 0.47% on the day, having posted a daily high at 1.0768 and low at 1.0624. EUR/USD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
EUR/USD forecast
According to FXStreet chief analyst Valeria Bednarik, "the 1 hour chart shows that the price is above its moving averages, whilst the technical indicators are losing upward potential above their mid-lines, limiting chances of additional advances."
Euro to dollar exchange level
The 200-hour MA is now the immediate support at 1.0715 while the EUR/USD corrective move is being supported by 50-hour moving average around 1.0635. Another level to be watched in the short side is the 1.0700.
To he upside, if the pair consolidates levels above 1.0750, next resistance will be 1.0790/1.0800 region; but the level to watch is the 1.1000 before calling for the end of the USD bearish days.
The pair is rising amid USD bearishness following another set of US weak economic data. This time, more jobless claims than expected plus less housing starts than awaited.
Currently, EUR/USD is trading at 1.0732, up 0.47% on the day, having posted a daily high at 1.0768 and low at 1.0624. EUR/USD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
EUR/USD forecast
According to FXStreet chief analyst Valeria Bednarik, "the 1 hour chart shows that the price is above its moving averages, whilst the technical indicators are losing upward potential above their mid-lines, limiting chances of additional advances."
Euro to dollar exchange level
The 200-hour MA is now the immediate support at 1.0715 while the EUR/USD corrective move is being supported by 50-hour moving average around 1.0635. Another level to be watched in the short side is the 1.0700.
To he upside, if the pair consolidates levels above 1.0750, next resistance will be 1.0790/1.0800 region; but the level to watch is the 1.1000 before calling for the end of the USD bearish days.