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9 Sep 2014
USD recovers ground against EUR at US opening - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that EUR/USD briefly jumped from the yearly low of 1.2859, regaining the 1.2900 level, but is now trading again at 1.2884.
Key quotes
"The 1 hour chart shows price unable to establish above a bearish 20 SMA and indicators retracing from their midlines, which keeps the pressure to the downside."
"In the 4 hours chart momentum has erased all of its oversold readings, while RSI remains sub 30 and 20 SMA extended its decline now offering resistance around 1.2920."
"Renewed selling pressure below mentioned daily low should see a downward extension towards the 1.2810/20 area, while once below this last, there’s little in the way towards 1.2740 critical long term support."
Key quotes
"The 1 hour chart shows price unable to establish above a bearish 20 SMA and indicators retracing from their midlines, which keeps the pressure to the downside."
"In the 4 hours chart momentum has erased all of its oversold readings, while RSI remains sub 30 and 20 SMA extended its decline now offering resistance around 1.2920."
"Renewed selling pressure below mentioned daily low should see a downward extension towards the 1.2810/20 area, while once below this last, there’s little in the way towards 1.2740 critical long term support."