The EUR/USD is once again coming under modest selling pressure, dropping some 50 pips in the last hour to test daily lows near 1.4020. The pair appears to be catching slight support at that level, yet still remains ready to break towards 1.4000 as overall sentiment worsens over New York.
Writing for FXstreet Independent Analysis team, Valeria Bednarik suggests: “Risk environment amid sovereign debt woes continues dominating the scenes, with European share markets negative, and gold quoting around fresh record highs above $ 1600/oz. Recent US disappointing data however, favored a limited recovery in the cross, still limited below 20 SMA in the hourly chart, and with indicators heading south below their midlines.”
Bednarik adds: “Bigger time frames show momentum still heading south, while strong static resistance area around 1.4090, intraday highs and lows from the last days.”
Writing for FXstreet Independent Analysis team, Valeria Bednarik suggests: “Risk environment amid sovereign debt woes continues dominating the scenes, with European share markets negative, and gold quoting around fresh record highs above $ 1600/oz. Recent US disappointing data however, favored a limited recovery in the cross, still limited below 20 SMA in the hourly chart, and with indicators heading south below their midlines.”
Bednarik adds: “Bigger time frames show momentum still heading south, while strong static resistance area around 1.4090, intraday highs and lows from the last days.”
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