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16 May 2014
EUR/USD rises back to the flat line
FXStreet (Córdoba) - The EUR/USD has found buyers after a short-lived dip and is back trading flat on the day heading into the weekend.
The EUR/USD dipped to a session low of 1.3685 but,as it was the case yesterday, bears lacked determination and the pair quickly recovered back above 1.3700. At time of writing, the pair is trading at the 1.3710 area, where it has opened and closed the the last 3 days.
The EUR/USD has been heavily sold off since May 8 when ECB President, Mario Draghi, hinted at further easing in June. Expectations of a rate cut - or even QE - were fueled by media reports and comments from other ECB members, sending the euro to a 6-week low of 1.3647 Thursday.
EUR/USD technical outlook
Despite trading in a tight range, the technical outlook is slightly bearish, said Valeria Bednarik, chief analyst at FXStreet. “The upside is still capped by strong static resistance area around 1.3745 and only a clear recovery above that level can favor further recoveries up to 1.3780 strong static resistance level”, Bednarik added.
As for technical levels, the analyst places next supports at 1.3690, 1.3650 and 1.3610, while resistances are seen at 1.3745, 1.3780 and 1.3810.
The EUR/USD dipped to a session low of 1.3685 but,as it was the case yesterday, bears lacked determination and the pair quickly recovered back above 1.3700. At time of writing, the pair is trading at the 1.3710 area, where it has opened and closed the the last 3 days.
The EUR/USD has been heavily sold off since May 8 when ECB President, Mario Draghi, hinted at further easing in June. Expectations of a rate cut - or even QE - were fueled by media reports and comments from other ECB members, sending the euro to a 6-week low of 1.3647 Thursday.
EUR/USD technical outlook
Despite trading in a tight range, the technical outlook is slightly bearish, said Valeria Bednarik, chief analyst at FXStreet. “The upside is still capped by strong static resistance area around 1.3745 and only a clear recovery above that level can favor further recoveries up to 1.3780 strong static resistance level”, Bednarik added.
As for technical levels, the analyst places next supports at 1.3690, 1.3650 and 1.3610, while resistances are seen at 1.3745, 1.3780 and 1.3810.