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18 Apr 2014
EUR/USD resting at 1.38/3810 support area
FXStreet (Bali) - is consolidating around the 1.38/1.3810 support zone, after a sharp retreat off 1.3860 high in the last US session, with traders taking profitsahead of the Easter holiday.
Looking at the technicals, "the pair trades near the daily low set at 1.3810 aiming to close for second day in a row mostly where it started, and with the daily candle showing a long upper shadow which reflects sellers are for now, defending the upside around 1.3850/60", notes Valeria Bednarik, Chief Analyst at FXStreet.
"The hourly chart shows a bearish tone with price developing below its 20 SMA and indicators losing bearish potential below their midlines, while the 4 hours chart shows indicators turning flat in neutral territory and price hovering around its 20 SMA giving little indications on upcoming movements.Range will likely prevail until Monday weekly opening", Bednarik added.
Looking at the technicals, "the pair trades near the daily low set at 1.3810 aiming to close for second day in a row mostly where it started, and with the daily candle showing a long upper shadow which reflects sellers are for now, defending the upside around 1.3850/60", notes Valeria Bednarik, Chief Analyst at FXStreet.
"The hourly chart shows a bearish tone with price developing below its 20 SMA and indicators losing bearish potential below their midlines, while the 4 hours chart shows indicators turning flat in neutral territory and price hovering around its 20 SMA giving little indications on upcoming movements.Range will likely prevail until Monday weekly opening", Bednarik added.