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27 Aug 2015
EUR/USD bears take back control - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the US economy grew at a faster-than-expected pace during the second quarter of this 2015, at least according to the preliminary reading of the GDP that posted a whopping 3.7% against expectations of a 3.2% advance.
Key Quotes:
"The American dollar extended its early advance, as investors entered the European session with a positive mood, following a strong recovery in China's stocks. The US also released its Pending Home Sales for July, up 0.5%, slightly below expected, but up for the sixth time in seven months."
"The EUR/USD pair has declined to a fresh weekly low of 1.1202 before bouncing up to the current 1.1250 area, and still looking short-term heavy, as in the 1 hour chart, the price is clearly consolidating below its 200 SMA, whilst the technical indicators are posting mild declines below their mid-lines. In the 4 hours chart, the technical indicators are bouncing from oversold readings, but remain far from suggesting the decline is over, whilst the 20 SMA has turned sharply lower well above the current price. A break below 1.1200 should see the pair extending its decline down to 1.1120, a key mid-term static support level. "
Key Quotes:
"The American dollar extended its early advance, as investors entered the European session with a positive mood, following a strong recovery in China's stocks. The US also released its Pending Home Sales for July, up 0.5%, slightly below expected, but up for the sixth time in seven months."
"The EUR/USD pair has declined to a fresh weekly low of 1.1202 before bouncing up to the current 1.1250 area, and still looking short-term heavy, as in the 1 hour chart, the price is clearly consolidating below its 200 SMA, whilst the technical indicators are posting mild declines below their mid-lines. In the 4 hours chart, the technical indicators are bouncing from oversold readings, but remain far from suggesting the decline is over, whilst the 20 SMA has turned sharply lower well above the current price. A break below 1.1200 should see the pair extending its decline down to 1.1120, a key mid-term static support level. "