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EUR/USD lacking directional strength - FXStreet

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) - Valeria Bednarik, chief analyst at FXStreet explained that EUR/USD advanced up to 1.1386 in the European session, following a positive opening in local share markets, although the pair faded alongside with stocks, which closed the day pretty much flat, a few points below Monday's close.

    Key Quotes:

    "Technically speaking the pair continues hovering around last week's close, lacking directional strength, although the risk is turning towards the downside in the short term, as the 1 hour chart shows that the early rally was capped by the 100 SMA, while the technical indicators have retreated from near overbought levels and stand now around their mid-lines."

    "In the 4 hours chart, a brief advance beyond the 20 SMA was quickly reversed, and the indicator maintains a bearish slope, whilst the Momentum indicator has retreated from its mid-line and the RSI hovers around 46, limiting chances of a stronger rally for this Wednesday."
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