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EUR/USD closing below hourly MA's cluster

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - EUR/USD closed the US session with a modest drift to the downside on underlying dollar strength and below the 20 SMA on the hourly time frame having lost its footing above the 200 SMA on an earlier drift to the upside where the high was made at 1.1386 overnight.

    There was a severe lack of impetus today while the ECB and Central banks remain the theme. The ECB's tone is likely to remain dovish and that should continue to weigh on the euro while preparations are made towards the possibility of further QE at some stage either at the end of this year or further into 2016.

    EUR/USD levels

    Technically, with the close below the hourly cluster of MA's, the picture is neutral/bearish, and failures last week at the 1.1440/72 band (May, June and September highs, the 55 week ma and the 2014-2015 downtrend), leaves the pair heavy. The 1.1260/51 cloud lows is now open for a testing and the September lows at 1.1105/1.1088 could come under pressure.
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