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18 Dec 2013
EUR/USD’ seat belts on needed? Reversal consolidating
FXstreet.com (Chicago) - EUR/USD had reached 1.3779 highs at the beginning of the European trading session and is now attempting to consolidate a reversal that aims to erase, successfully, prior daily losses ahead of the Fed’s monetary policy decision release.
EUR/USD Technical Levels
Price action reveals the pair manages to erase most losses incurred earlier in the day and is now 0.04% down extending the parallel price action characteristic of this week. With primary and secondary trends pointing up, the direction of the price is uncertain hours prior to the release of the Fed’s decision. Offered at 1.3764, the pair navigates between the supports aligned at 1.37 (December 13th lows), 1.3656 (October 21st lows) ahead of 1.3577 (November 20th highs) and the resistances set at 1.3796 (December 10th highs), 1.3834 (October 26th highs) followed by 1.3914 (October 16th 2011 highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bearish and navigates below the EMA20.
EUR/USD Technical Levels
Price action reveals the pair manages to erase most losses incurred earlier in the day and is now 0.04% down extending the parallel price action characteristic of this week. With primary and secondary trends pointing up, the direction of the price is uncertain hours prior to the release of the Fed’s decision. Offered at 1.3764, the pair navigates between the supports aligned at 1.37 (December 13th lows), 1.3656 (October 21st lows) ahead of 1.3577 (November 20th highs) and the resistances set at 1.3796 (December 10th highs), 1.3834 (October 26th highs) followed by 1.3914 (October 16th 2011 highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bearish and navigates below the EMA20.