The seemingly unstoppable dollar

Market Movers: Weekly Technical Outlook

Technical Developments to Watch:
  • EUR/USD stabilizing near 1.3400, but 1.3475-1.3500 resistance may cap rallies
  • GBP/USD deeply oversold, testing Fibonacci support at 1.6800
  • USD/JPY rally struggling at 103.00, but rising 20-day EMA near 102.00 may support any dips
  • USD/CAD in play, market may look to buy dips toward 1.0800
     
* Bias determined by the relationship between price and various EMAs.  The following hierarchy determines bias (numbers represent how many EMAs the price closed the week above): 0 – Strongly Bearish, 1 – Slightly Bearish, 2 – Neutral, 3 – Slightly Bullish, 4 – Strongly Bullish.

** All data and comments in this report as of approximately 16:00GMT on Friday ** 

 

 EUR/USD

 
  • EUR/USD continued to grind lower last week, hitting new 2014 lows
  • MACD still bearish, but Slow Stochastics oversold
  • Traders may still look to fade any oversold bounces toward 1.3450-75

The EUR/USD inched lower last week, caught up in the broad-based USD rally, though rates did tick higher on after Friday’s NFP report. Looking to the daily chart, the pair is clearly oversold, with the Slow Stochastics flattening out under the 20 area. That said, any oversold bounces may be short-lived with the MACD trending lower below its signal line and the “0” level. For this week, previous-support-turned-resistance near the previous 2014 low at 1.3475 may cap any rallies as bears start to turn their eyes toward the next level of long-term support near 1.3300.
 

  Source: FOREX.com
  

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