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11 Feb 2014
EUR/USD has given way to the 50 DMA
FXStreet (Guatemala) - EUR/USD had attempted the 50 DMA a couple of times but has finally breached the psychological level and reached a high of 1.3679 on the session so far.
EUR/USD has been lifted with the dollar being hit from all sides as we progress through the Asian session. Strategists at Rabobank explained that the main focus of both the day and the week will of course be the new Fed Chair Janet Yellen, who gives what used to be called the Humphrey Hawkins testimony before the US House of Representatives. “For many of us this will be the first time to observe Mrs Yellen in the media spotlight. Moreover, the new Chair takes the floor of the House against a backdrop of disappointingly weak headline payrolls growth over the past few months. Obviously, the market will try to discern from her comments, and the subsequent Q&A, if she is inclined to consider a pause in the pace of QE tapering as a result”. Meanwhile, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank "EUR/USD short‐term technicals: mixed ‐ EUR signals, including the MACD, have turned increasingly bullish; however with an ADX of just 13.6 it suggest there is no trend in place for EUR, which weakens the signals provided by technicals. Support lies at the 100‐day MA at 1.3609; while resistance lies first at the 50‐day at 1.3654 followed by 1.3700."
EUR/USD Levels
The 20 DMA is 1.3600, the 50 DMA is 1.3648 and the 200 DMA is 1.3385. RSI (14) reads 73.10. supports are ascending from 1.3482, 1.3499, 1.3545 and 1.3572. Spot is 1.3663. Resistances are 1.3655, 1.3677, 1.3689 and 1.3716.
EUR/USD has been lifted with the dollar being hit from all sides as we progress through the Asian session. Strategists at Rabobank explained that the main focus of both the day and the week will of course be the new Fed Chair Janet Yellen, who gives what used to be called the Humphrey Hawkins testimony before the US House of Representatives. “For many of us this will be the first time to observe Mrs Yellen in the media spotlight. Moreover, the new Chair takes the floor of the House against a backdrop of disappointingly weak headline payrolls growth over the past few months. Obviously, the market will try to discern from her comments, and the subsequent Q&A, if she is inclined to consider a pause in the pace of QE tapering as a result”. Meanwhile, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank "EUR/USD short‐term technicals: mixed ‐ EUR signals, including the MACD, have turned increasingly bullish; however with an ADX of just 13.6 it suggest there is no trend in place for EUR, which weakens the signals provided by technicals. Support lies at the 100‐day MA at 1.3609; while resistance lies first at the 50‐day at 1.3654 followed by 1.3700."
EUR/USD Levels
The 20 DMA is 1.3600, the 50 DMA is 1.3648 and the 200 DMA is 1.3385. RSI (14) reads 73.10. supports are ascending from 1.3482, 1.3499, 1.3545 and 1.3572. Spot is 1.3663. Resistances are 1.3655, 1.3677, 1.3689 and 1.3716.