Back
14 May 2015
EUR/USD key support at 1.1340 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that the key support for EUR/USD remains at 1.1340, and as long as the pair remains above it a move towards 1.1533 stands likely.
Key Quotes
“With no macroeconomic data released in Europe, market's attention gathered around Greece's headlines, as FM Yanis Varoufakis has been hitting the wires with doom announcements among which he said that Greece would have never had to join the union, or that the country will sink without reforms. He also claimed for a delay in its repayments to the ECB and said they will pay the IMF only they get a deal.”
“Nevertheless, the common currency held near its highs with a brief dip down to 1.1374 before regaining the upside.”
“In the US, weekly unemployment claims came out better than expected last week, down to 264K, whilst Producer Price Indexes for April resulted negative, -0.4. Good employment, bad inflation, a mixed message when it comes to next FED's rate hike.”
“Technically, the 1 hour chart shows that the pair is struggling to hold above 1.1400, whilst the technical indicators have turned lower in positive territory and the 20 SMA provides a short term support around 1.1375.”
“In the 4 hours chart indicators are turning lower in overbought territory, but still far from signaling a strong retracement.”
“The critical support comes at 1.1340, and as long as the price holds above it, there's room for an upward continuation up to 1.1533, early February daily high.”
“Support levels: 1.1375 1.1340 1.1300”
“Resistance levels: 1.1430 1.1465 1.1500”
Key Quotes
“With no macroeconomic data released in Europe, market's attention gathered around Greece's headlines, as FM Yanis Varoufakis has been hitting the wires with doom announcements among which he said that Greece would have never had to join the union, or that the country will sink without reforms. He also claimed for a delay in its repayments to the ECB and said they will pay the IMF only they get a deal.”
“Nevertheless, the common currency held near its highs with a brief dip down to 1.1374 before regaining the upside.”
“In the US, weekly unemployment claims came out better than expected last week, down to 264K, whilst Producer Price Indexes for April resulted negative, -0.4. Good employment, bad inflation, a mixed message when it comes to next FED's rate hike.”
“Technically, the 1 hour chart shows that the pair is struggling to hold above 1.1400, whilst the technical indicators have turned lower in positive territory and the 20 SMA provides a short term support around 1.1375.”
“In the 4 hours chart indicators are turning lower in overbought territory, but still far from signaling a strong retracement.”
“The critical support comes at 1.1340, and as long as the price holds above it, there's room for an upward continuation up to 1.1533, early February daily high.”
“Support levels: 1.1375 1.1340 1.1300”
“Resistance levels: 1.1430 1.1465 1.1500”