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EUR/USD: downside prevails, making new lows - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the greenback traded generally higher this Tuesday, with the EUR/USD pair extending its latest decline to a fresh multi-month low of 1.0642 during the European morning.

    Key Quotes:

    "The pair attempted a recovery but the lack of European data and the better-than-expected result of US inflation readings, keeps the dollar on demand."

    "The EUR/USD 1 hour chart shows that the price is unable to advance beyond a strongly bearish 20 SMA, whilst the technical indicators are turning south below their mid-lines, after correcting oversold readings."

    "In the 4 hours chart, the price is well below its 20 SMA, while the Momentum indicators is resuming its decline deep into the red, and looking for fresh lows, maintaining the risk towards the downside."
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