Back
17 Mar 2014
Flash: EUR/USD forecast weighted by poor inflation - FXStreet
FXStreet (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst comments that the EUR/USD is under mild pressure this Monday, weighted by slow motion markets ahead of FED, and worse than expected CPI readings in the EU: YoY reading ticked back down to 0.7% close to the historical low of 0.6% from mid 2009.
Key Quotes
“Having flirted with a daily high of 1.3915, the pair struggles to hold the 1.3900 level, trading right below it after the news.”
“The 4 hours chart shows current candle opened below a slightly bullish 20 SMA while indicators turn lower around their midlines showing no actual aims to accelerate lower. Dips so far found buyers around 1.3870/80, and the overall positive tone in stocks should help keeping the downside limited. Nevertheless, price needs to advance beyond 1.3920 to confirm some upward movement ahead, eyeing then 1.3960 this year highs, whilst a break above this last may see a quick run towards 1.4000.”
“Below 1.3870 the pair can gain some short term bearish momentum, looking then for a slide towards 1.3820/30 price zone.”
Key Quotes
“Having flirted with a daily high of 1.3915, the pair struggles to hold the 1.3900 level, trading right below it after the news.”
“The 4 hours chart shows current candle opened below a slightly bullish 20 SMA while indicators turn lower around their midlines showing no actual aims to accelerate lower. Dips so far found buyers around 1.3870/80, and the overall positive tone in stocks should help keeping the downside limited. Nevertheless, price needs to advance beyond 1.3920 to confirm some upward movement ahead, eyeing then 1.3960 this year highs, whilst a break above this last may see a quick run towards 1.4000.”
“Below 1.3870 the pair can gain some short term bearish momentum, looking then for a slide towards 1.3820/30 price zone.”