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EUR/USD: 1.0920 and technical limit downside - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the majors closed mixed this Thursday against the greenback, with the EUR giving away half of its Wednesday's gains.

    Key Quotes:

    "The pair retreated from the almost 1 month high set at 1.1042, as the dollar sell-off lost steam. There were no macroeconomic news behind the intraday decline, and the latest movement seems mostly technical, with the EUR completing a well-deserved correction, ahead of the upcoming FED meeting next week. US weekly unemployment claims resulted worse than expected, up to 282K in the week ending December 4 against previous 269K, halting the early dollar's rally.

    As for the EUR/USD pair, the daily low was set at 1.0924 at the beginning of the US session, and the following bounce was contained by selling interest around 1.0975, now the immediate resistance.

    Short term, the 1 hour chart shows that the price remains below a bearish 20 SMA, while the technical indicators head nowhere below their mid-lines, supporting some further declines. In the 4 hours chart, the 20 SMA has extended its advance below the current level and now provides an immediate support around 1.0920, whilst the technical indicators are turning north above their mid-lines after correcting overbought readings, limiting the bearish potential at the time being."
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