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10 Feb 2014
EUR/USD a double top?
FXStreet (Guatemala) - EUR/USD has attempted the 50 DMA a couple of times but is facing a supply containing the major from a break higher.
EUR/USD is a quiet play across NY today at the start of the week ahead of Consumer Prices in Europe and Yellen speaking in the US. Meanwhile, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank reminds us of last week’s disappointing European data (retail sales & the composite PMI) combined with the German Court decision to bring the legality of the OMT program in front of the ECJ and the significant jump in net EUR short positions were offset by the ECB’s wait‐and‐see approach. "EUR/USD short‐term technicals: mixed ‐ EUR is flirting with a break back above its 50‐day MA at 1.3654 and other signals, including the MACD, have turned increasingly bullish; however with an ADX of just 13.6 it suggest there is no trend in place for EUR, which weakens the signals provided by technicals. Support lies at the 100‐day MA at 1.3609; while resistance lies first at the 50‐day at 1.3654 followed by 1.3700."
EUR/USD Levels
The 20 DMA is 1.3600, the 50 DMA is 1.3648 and the 200 DMA is 1.3385. RSI (14) reads 56.81. supports are ascending from 1.3482, 1.3499, 1.3545 and 1.3572. Spot is 1.3633. Resistances are 1.3655, 1.3677, 1.3689 and 1.3716.
EUR/USD is a quiet play across NY today at the start of the week ahead of Consumer Prices in Europe and Yellen speaking in the US. Meanwhile, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank reminds us of last week’s disappointing European data (retail sales & the composite PMI) combined with the German Court decision to bring the legality of the OMT program in front of the ECJ and the significant jump in net EUR short positions were offset by the ECB’s wait‐and‐see approach. "EUR/USD short‐term technicals: mixed ‐ EUR is flirting with a break back above its 50‐day MA at 1.3654 and other signals, including the MACD, have turned increasingly bullish; however with an ADX of just 13.6 it suggest there is no trend in place for EUR, which weakens the signals provided by technicals. Support lies at the 100‐day MA at 1.3609; while resistance lies first at the 50‐day at 1.3654 followed by 1.3700."
EUR/USD Levels
The 20 DMA is 1.3600, the 50 DMA is 1.3648 and the 200 DMA is 1.3385. RSI (14) reads 56.81. supports are ascending from 1.3482, 1.3499, 1.3545 and 1.3572. Spot is 1.3633. Resistances are 1.3655, 1.3677, 1.3689 and 1.3716.