The Euro continues to move sideways in a range between daily lows at 1.4455 and 1.4500. The EUR/USD gained momentum after Wall Street opening and rose to test 1.4500 but it failed to break above and pulled back toward 1.4470, where currently trades. The Euro is consolidating a daily decline of 70 pips.
“Euro lost the 1.4500 level this Tuesday, following worse than expected euro zone data, yet managed a small bounce from daily low at 1.4456. Hourly chart shows 20 SMA above current price keeping the upside limited, although indicators seems to be exhausted to the downside and aiming for a recovery,” said Valeria Bednarik, collaborator at FXstreet.com.
The Euro is falling on Tuesday and remains near daily lows across the board consolidating losses. According to Nick Nasad, fundamental analyst at FXtimes, the Euro could rise in the coming days if risk sentiment improves and if the ECB raises rates. “We also have European ministers working on a second Greek bailout, which would guarantee funding for the country through 2014. While positive movement on this front can help the EUR, we started the week with jitters as S&P said that it would label the current bond-holder participation plan as a selective default,” said Nasad.
“Euro lost the 1.4500 level this Tuesday, following worse than expected euro zone data, yet managed a small bounce from daily low at 1.4456. Hourly chart shows 20 SMA above current price keeping the upside limited, although indicators seems to be exhausted to the downside and aiming for a recovery,” said Valeria Bednarik, collaborator at FXstreet.com.
The Euro is falling on Tuesday and remains near daily lows across the board consolidating losses. According to Nick Nasad, fundamental analyst at FXtimes, the Euro could rise in the coming days if risk sentiment improves and if the ECB raises rates. “We also have European ministers working on a second Greek bailout, which would guarantee funding for the country through 2014. While positive movement on this front can help the EUR, we started the week with jitters as S&P said that it would label the current bond-holder participation plan as a selective default,” said Nasad.
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