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30 Jun 2014
EUR/USD approaching June high of 1.3676 - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that the EUR/USD has climbed a few pips since the Asian opening on Monday, approaching the June high of 1.3676.
Key quotes
"EU inflation readings early today met expectations, having little effect over the common currency, and market players will likely remain cautious until Thursday, when the ECB meeting and US employment figures will be released. "
"Nevertheless, the technical picture is bullish according to the 4 hours chart, with indicators heading higher after bouncing around their midlines, while price stands above a bullish 20 SMA and its 200 EMA, this last, first time since mid May."
"A large amount of stops should stand above critical 1.3680 price zone, mentioned high and 61.8% retracement of this year rally, meaning a price acceleration through it should lead to a continued advance, looking for a test of 1.3720/30 in the short term."
"Failure to extend gains may see the pair retracing, with immediate support now in the 1.3600/10 price zone, yet further slides seem unlikely for today. "
Key quotes
"EU inflation readings early today met expectations, having little effect over the common currency, and market players will likely remain cautious until Thursday, when the ECB meeting and US employment figures will be released. "
"Nevertheless, the technical picture is bullish according to the 4 hours chart, with indicators heading higher after bouncing around their midlines, while price stands above a bullish 20 SMA and its 200 EMA, this last, first time since mid May."
"A large amount of stops should stand above critical 1.3680 price zone, mentioned high and 61.8% retracement of this year rally, meaning a price acceleration through it should lead to a continued advance, looking for a test of 1.3720/30 in the short term."
"Failure to extend gains may see the pair retracing, with immediate support now in the 1.3600/10 price zone, yet further slides seem unlikely for today. "