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EUR/USD: headed to 1.0700? - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/USD pair advanced up to 1.0945 as European stocks opened sharply lower, but later turned south, with the dollar rallying, even despite worse-than-expected construction and manufacturing data in the US.

    Key Quotes:

    "In the 1 hour chart, the pair is well below its moving averages, while the technical indicators present bearish slopes near oversold readings, supporting some additional declines for the upcoming sessions."

    "In the 4 hours chart, the technical indicators have stalled their declines near oversold levels, but are far from suggesting a stronger upward corrective move. The daily low is also the 50% retracement of the December rally, which means that a break below it, should lead to further declines towards the 1.0700 figure."
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