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17 Jul 2013
EUR/USD tumbles off lows into negative territory
FXstreet.com (New York) - The EUR/USD technical pair peaked at the 1.3178 level (intraday high) during US trading Wednesday, followed by a stark pullback that eradicated all previous gains on the heels of the Bernanke speech.
Technically speaking, the EUR/USD has now moved back into negative territory after falling nearly 50 pips to 1.3132, down -0.22% in these moments. “Yesterday the EUR/USD again saw the test of critical resistance at 1.3164, which was held on closing basis. With the MACD still below its zero line, the broader risk remains for the pair to resume downside. Support is at 1.2981 ahead of 1.2755, suggesting a bearish intraday outlook.” Notes Gareth Berry, a Research Analyst at UBS.
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/USD is fluctuating and stabilizing above 1.3070 and Linear Regression Indicator 34 and 55. Therefore, we hold on to our previous positive expectations especially after levels 1.3115 proved its strength and ability to gain bullish momentum.”
Technically speaking, the EUR/USD has now moved back into negative territory after falling nearly 50 pips to 1.3132, down -0.22% in these moments. “Yesterday the EUR/USD again saw the test of critical resistance at 1.3164, which was held on closing basis. With the MACD still below its zero line, the broader risk remains for the pair to resume downside. Support is at 1.2981 ahead of 1.2755, suggesting a bearish intraday outlook.” Notes Gareth Berry, a Research Analyst at UBS.
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/USD is fluctuating and stabilizing above 1.3070 and Linear Regression Indicator 34 and 55. Therefore, we hold on to our previous positive expectations especially after levels 1.3115 proved its strength and ability to gain bullish momentum.”