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27 Feb 2015
2,800 pips later, EUR/USD trades below 1.1200; bias continues bearish
FXStreet (San Francisco) - The EUR/USD its closing its second day of losses as the pair is consolidating lows after yesterday's collapse amid the 'CPI effect'. The pair is trading now at lows since late January around 1.1175.
Currently, EUR/USD is trading at 1.1187, down 0.08% on the day, having posted a daily high at 1.1246 and low at 1.1176. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is strongly bearish.
The EUR/USD is wrapping up its second negative week in a row after posting a 270 pips decline in the last 15 days. As FXStreet editor Pablo Piovano commented in a recent news: "The pair has given back the gains from the past 4 weeks, returning to levels post-Greek elections amidst an increasing sentiment towards the US dollar."
Piovano also remarks that "the bearishness seems to be far from abandoning the euro, as next week’s focus will be on the start of the ECB’s quantitative easing programme, key manufacturing PMIs, flash consumer prices in the euro region and the critical Non-farm Payrolls in the US economy."
2,800 pips lower, and counting
On the month, the euro is finishing its eighth straight month of losses against the US dollar. Since May 2014 highs of 1.3990, the Euro lost over 2,800 pips to current levels. Ani Salama from FXStreet commented that "both technicals and fundamentals factors continue to favor a bearish move," as "divergent monetary policy outlooks between the Fed and the ECB continue to weigh on the pair."
A top of it, eFXnews editor Mark Melhorn said in a recent interview in the Live Analysis Room that 8 banks are bearish on EUR/USD with targets from 1.1000 to parity.
Long story short... New brush sweeps clean but old broom knows all the corners.
Currently, EUR/USD is trading at 1.1187, down 0.08% on the day, having posted a daily high at 1.1246 and low at 1.1176. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is strongly bearish.
The EUR/USD is wrapping up its second negative week in a row after posting a 270 pips decline in the last 15 days. As FXStreet editor Pablo Piovano commented in a recent news: "The pair has given back the gains from the past 4 weeks, returning to levels post-Greek elections amidst an increasing sentiment towards the US dollar."
Piovano also remarks that "the bearishness seems to be far from abandoning the euro, as next week’s focus will be on the start of the ECB’s quantitative easing programme, key manufacturing PMIs, flash consumer prices in the euro region and the critical Non-farm Payrolls in the US economy."
2,800 pips lower, and counting
On the month, the euro is finishing its eighth straight month of losses against the US dollar. Since May 2014 highs of 1.3990, the Euro lost over 2,800 pips to current levels. Ani Salama from FXStreet commented that "both technicals and fundamentals factors continue to favor a bearish move," as "divergent monetary policy outlooks between the Fed and the ECB continue to weigh on the pair."
A top of it, eFXnews editor Mark Melhorn said in a recent interview in the Live Analysis Room that 8 banks are bearish on EUR/USD with targets from 1.1000 to parity.
Long story short... New brush sweeps clean but old broom knows all the corners.