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EUR/USD: Yuan failing to shift the FX space

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - EUR/USD is currently trading at 1.0847 with a high of 1.0866 and a low of 1.0945.

    EUR/USD is pressured as Tokyo gets going and the outcome of the Yuan fix neutral again. The single currency is passing over a mere 10 pips to the bears in the absence of a catalyst thus far. US stocks were mixed overnight leading to a supported Nikkei. We will await the Chinese market opening as the next possible event while otherwise, the European session is bare on the calendar.

    EUR/USD levels

    Technically, Valeria Bednarik, chief analyst at FXStreet explained, "According to the 1 hour chart, the technical outlook is neutral-to-bearish, given that the price remains stuck within its recent range, but it's also developing below a now bearish 20 SMA, whilst the technical indicators have turned flat below their mid-lines, after bouncing from near oversold readings.

    In the 4 hours chart, however, the price is holding above a mild bullish 20 SMA, whilst the technical indicators are currently bouncing from their mid-lines, lacking upward potential, but helping in keep the downside limited."
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