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16 Apr 2014
EUR/USD capped below 1.3850 – FXStreet
FXStreet (Edinburgh) - According to Valeria Bednarik, Currency Analyst at FXStreet, the very near term outlook on the EUR/USD remains tilted to the downside.
Key Quotes
“The pair advanced up to 1.3850 with the European opening, albeit another round of weak inflation readings in the EU has halted the advance. EU CPI yearly basis came out at 0.5% as expected, its lowest level since November 2009, adding pressure on the ECB now expected to act on next May meeting”.
“Technically, the EUR/USD 4 hour chart shows price now retracing back to its 20 SMA that maintains a bearish slope, while indicators failed around their midlines and turn slightly south, giving little support to an upward continuation”.
Key Quotes
“The pair advanced up to 1.3850 with the European opening, albeit another round of weak inflation readings in the EU has halted the advance. EU CPI yearly basis came out at 0.5% as expected, its lowest level since November 2009, adding pressure on the ECB now expected to act on next May meeting”.
“Technically, the EUR/USD 4 hour chart shows price now retracing back to its 20 SMA that maintains a bearish slope, while indicators failed around their midlines and turn slightly south, giving little support to an upward continuation”.