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30 Sep 2014
EUR/USD downward pressure seeing no end - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that EUR/USD has fallen as low as 1.2570 on Tuesday, as Eurozone inflation data showed the risk of deflation in the Eurozone is still alive.
Key quotes
"The pair has reached extreme oversold readings in the hourly chart and bounced some, hovering around the 1.2600 figure early US session, still quite heavy according to technical readings, as per 20 SMA heading lower well above current price, momentum heading strongly south deep in negative territory, and RSI still at 23."
"In the 4 hours chart 20 SMA capped the upside earlier on the day maintaining a strong bearish slope, while indicators head strongly south in negative territory, giving no signs of a possible upward correction."
"Former low at 1.2660 should now attract sellers if reached, while a break below mentioned low should see the pair extending its decline down to 1.2540/50 price zone."
Key quotes
"The pair has reached extreme oversold readings in the hourly chart and bounced some, hovering around the 1.2600 figure early US session, still quite heavy according to technical readings, as per 20 SMA heading lower well above current price, momentum heading strongly south deep in negative territory, and RSI still at 23."
"In the 4 hours chart 20 SMA capped the upside earlier on the day maintaining a strong bearish slope, while indicators head strongly south in negative territory, giving no signs of a possible upward correction."
"Former low at 1.2660 should now attract sellers if reached, while a break below mentioned low should see the pair extending its decline down to 1.2540/50 price zone."