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3 Mar 2014
EUR/USD opens lower with 40-pips gap
FXStreet (Córdoba) - The EUR/USD opened the week at 1.3755 considerably below 1.3799 that was Friday’s closing price. The gap was partially close as the Euro rebounded to the upside reaching at 1.3785 the highest price so far.
The crisis in Ukraine boosted the US dollar sending the EUR/USD far from last week highs. On Friday the pair reached a 2-month high at 1.3823 and currently is trading at 1.3770/74. At the started of the week the pair bottomed at 1.3753 but trimmed losses later.
EUR/USD technical outlook
“The EUR/USD is finding short term support in the 38.2% retracement of its latest bullish run around 1.3755, struggling to overcome a still bullish 20 SMA and with indicators heading south still above their midlines”, says Valeria Bednarik, Chief Analyst at FXStreet.
According to Bednarik the 4 hours chart shows technical readings still maintaining the positive ground. “Nevertheless, the pair needs to fill it and advance above Friday’s close of 1.3798, to be able to erase the increasing bearish potential, while a break below mentioned Fibonacci support should lead to a continued slide towards 1.3640/80 price zone”.
The crisis in Ukraine boosted the US dollar sending the EUR/USD far from last week highs. On Friday the pair reached a 2-month high at 1.3823 and currently is trading at 1.3770/74. At the started of the week the pair bottomed at 1.3753 but trimmed losses later.
EUR/USD technical outlook
“The EUR/USD is finding short term support in the 38.2% retracement of its latest bullish run around 1.3755, struggling to overcome a still bullish 20 SMA and with indicators heading south still above their midlines”, says Valeria Bednarik, Chief Analyst at FXStreet.
According to Bednarik the 4 hours chart shows technical readings still maintaining the positive ground. “Nevertheless, the pair needs to fill it and advance above Friday’s close of 1.3798, to be able to erase the increasing bearish potential, while a break below mentioned Fibonacci support should lead to a continued slide towards 1.3640/80 price zone”.