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18 Sep 2014
EUR/USD climbs to fresh daily highs
FXStreet (Córdoba) - EUR/USD saw a brief drop on the back of better-than-expected US jobless claims data but upbeat employment figures were offset but poor housing starts, allowing the pair to resume the upside.
After hitting a session low of 1.2855, EUR/USD stretched to a marginal new high for the day at 1.2912 but is having a hard time finding follow-through as investors remain cautious.
EUR/USD bounced from a fresh 14-month low of 1.2834 earlier on the day, but every recovery attempt has been capped by the 1.2910/15 area so far. At time of writing, EUR/USD is trading at the 1.2905 zone, 0.32% above its opening price.
EUR/USD has had a choppy day on the back of TLTRO disappointing take up and with market attention turning from the Federal Reserve to the Scottish independence referendum.
EUR/USD technical outlook
“Technically, the EUR/USD 1 hour chart shows price advancing above a still bearish 20 SMA, with indicators heading strongly up above their midlines. Sellers however, seem to be aligned in the 1.2900/20 price zone, adding to the dominant trend”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart the technical stance is still quite bearish, with indicators having barely corrected oversold readings now turning lower well into negative territory, and 20 SMA reaffirming the mentioned resistance area around 1.2920”.
After hitting a session low of 1.2855, EUR/USD stretched to a marginal new high for the day at 1.2912 but is having a hard time finding follow-through as investors remain cautious.
EUR/USD bounced from a fresh 14-month low of 1.2834 earlier on the day, but every recovery attempt has been capped by the 1.2910/15 area so far. At time of writing, EUR/USD is trading at the 1.2905 zone, 0.32% above its opening price.
EUR/USD has had a choppy day on the back of TLTRO disappointing take up and with market attention turning from the Federal Reserve to the Scottish independence referendum.
EUR/USD technical outlook
“Technically, the EUR/USD 1 hour chart shows price advancing above a still bearish 20 SMA, with indicators heading strongly up above their midlines. Sellers however, seem to be aligned in the 1.2900/20 price zone, adding to the dominant trend”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart the technical stance is still quite bearish, with indicators having barely corrected oversold readings now turning lower well into negative territory, and 20 SMA reaffirming the mentioned resistance area around 1.2920”.