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5 Mar 2014
EUR/USD struggling for momentum
FXStreet (Córdoba) - The EUR/USD failed to benefit from worse-than-expected US ADP employment data and after hitting a high of 1.3745 it tuned back south toward the lower-side of today's range.
The EUR/USD however couldn't gather enough bearish momentum to break below the 1.3700 mark and was confined to a range. At time of writing, the EUR/USD is trading at the 1.3720 area, 0.2% below its opening price.
EUR/USD technical outlook
"The hourly chart shows price unable to establish itself above a bearish 20 SMA and pressuring the daily low, while indicators stand in negative territory, albeit showing no actual momentum", says Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart a mild bearish tone prevails, supporting further falls towards 1.3640, past week low, with a clear break below 1.3710, Fibonacci support".
Bednarik locates immediate supports are seen 1.3710, 1.3680 and 1.3640, while she places resistances at 1.3770, 1.3800 and 1.3830.
The EUR/USD however couldn't gather enough bearish momentum to break below the 1.3700 mark and was confined to a range. At time of writing, the EUR/USD is trading at the 1.3720 area, 0.2% below its opening price.
EUR/USD technical outlook
"The hourly chart shows price unable to establish itself above a bearish 20 SMA and pressuring the daily low, while indicators stand in negative territory, albeit showing no actual momentum", says Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart a mild bearish tone prevails, supporting further falls towards 1.3640, past week low, with a clear break below 1.3710, Fibonacci support".
Bednarik locates immediate supports are seen 1.3710, 1.3680 and 1.3640, while she places resistances at 1.3770, 1.3800 and 1.3830.