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28 Mar 2014
EUR/USD finishing on a bearish note
FXStreet (Guatemala) - EUR/USD’s rally slowed up as the day moved on and consolidation has taken place in towards the close in 1.3750/70 levels.
EUR/USD, a look back
Strategists at TD Securities explained that March overall has been effectively a round trip from the low 1.37s to the high 1.39s and all or most of the way back again. “It will take a big rally by the end of the month to remove that blow from the longer term chart and the weekly patterns continue to point lower. Bearish price action in the past three weeks has been confirmed by net losses in the latest week”.
EUR/USD bearish
The strategists at TD Securities explained that the weekly support at 1.3700/10 is holding, “But we look for a test of trend channel support (rises to 1.3671 and converge with the above-noted daily supports) at least next week. We continue to look for a drop back to 1.34/1.35”.
EUR/USD Levels
The 20 DMA is 1.3830, the 50 DMA is 1.3716 and the 200 DMA is 1.3503. RSI (14) reads 50.72. Supports are ascending from 1.3673, 1.3694, 1.3707, 1.3720, 1.3747. Spot is 1.3753 while resistances are 1.3780, 1.3809 and 1.3830.
EUR/USD, a look back
Strategists at TD Securities explained that March overall has been effectively a round trip from the low 1.37s to the high 1.39s and all or most of the way back again. “It will take a big rally by the end of the month to remove that blow from the longer term chart and the weekly patterns continue to point lower. Bearish price action in the past three weeks has been confirmed by net losses in the latest week”.
EUR/USD bearish
The strategists at TD Securities explained that the weekly support at 1.3700/10 is holding, “But we look for a test of trend channel support (rises to 1.3671 and converge with the above-noted daily supports) at least next week. We continue to look for a drop back to 1.34/1.35”.
EUR/USD Levels
The 20 DMA is 1.3830, the 50 DMA is 1.3716 and the 200 DMA is 1.3503. RSI (14) reads 50.72. Supports are ascending from 1.3673, 1.3694, 1.3707, 1.3720, 1.3747. Spot is 1.3753 while resistances are 1.3780, 1.3809 and 1.3830.