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22 Jan 2015
EUR/USD still favouring the bearish trend – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that the EUR/USD pair still favours the dominant bearish trend, having approached the multi year low at 1.1458 after the ECB meeting, and further adds that a break below 1.1460 might lead the pair towards 1.1370 levels.
Key Quotes
“ECB’s governor Draghi finally delivered this Monday, launching an expanded asset purchase program, buying €60bn per month of assets until end of September 2016. This over Euro 1 trillion of fresh money exceeded expectations, and after some wild back and forth in price action, the EUR/USD pair resumed its slide having approached to its multiyear low of 1.1458.”
“The downward break continues to favor the dominant bearish trend, with the 1 hour chart showing that the price extends well below its moving averages, as indicators present a strong bearish momentum below their midlines.”
“In the 4 hours chart technical readings also turned south as the price extends below its 20 SMA, supporting the shorter term view.”
“Nevertheless, a break below 1.1460 is now required to confirm a new leg lower, targeting 1.1370 for the upcoming sessions.”
“Sellers will likely surge now in the 1.1540/50 price zone if reached in the short term.”
Key Quotes
“ECB’s governor Draghi finally delivered this Monday, launching an expanded asset purchase program, buying €60bn per month of assets until end of September 2016. This over Euro 1 trillion of fresh money exceeded expectations, and after some wild back and forth in price action, the EUR/USD pair resumed its slide having approached to its multiyear low of 1.1458.”
“The downward break continues to favor the dominant bearish trend, with the 1 hour chart showing that the price extends well below its moving averages, as indicators present a strong bearish momentum below their midlines.”
“In the 4 hours chart technical readings also turned south as the price extends below its 20 SMA, supporting the shorter term view.”
“Nevertheless, a break below 1.1460 is now required to confirm a new leg lower, targeting 1.1370 for the upcoming sessions.”
“Sellers will likely surge now in the 1.1540/50 price zone if reached in the short term.”