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EUR/USD: neutral with limited upside - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 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 traded as low as 1.0804 ahead of the US opening, as market's positive mood favored the greenback.

    Key Quotes:

    "The pair however, trimmed its intraday losses and advanced up to 1.0881 during the American afternoon, but also failed to sustain gains, ending the day with limited gains in the 1.0850 region.

    Technically, the pair maintains the neutral stance seen on previous updates, with a slightly positive tone coming from the 1 hour chart as the price is above its 20 SMA and a strong static Fibonacci resistance at 1.0845, the 38.2% retracement of the December rally. According to the 4 hours chart, the upside remains limited, with the price unable to establish above a bearish 20 SMA, and the technical indicators losing their upward potential within negative territory."
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