10 Mar 2015
EUR/USD sinks to new 12 year lows - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the sell-off in the EUR/USD pair continued on Tuesday, with the pair reaching a 12-year low of 1.0962, and closing the American session a few pips above the level.
Key Quotes:
"There was no clear catalyst behind the latest fall, although the renewed tensions in Europe regarding Greece, as the country is taking it's time to implement the measures agreed with its creditors a couple of weeks ago, weighed over the common currency."
"At the same time, European stocks fell sharply as local yields contracted amid ECB buying, further fueling the EUR slide. Fundamentally, there was no relevant data to affect the currencies, as the calendar have remained pretty light so far this week."
"The 1 hour chart shows that the pair struggles around the 1.0700 level, with an early attempt of recovery limited below a strongly bearish 20 SMA, and the technical indicators resuming their slide after a limited upward correction of oversold readings."
"In the 4 hours chart the price continues to develop below its moving averages, whilst the RSI indicator heads lower around 12 and the Momentum indicator aims higher in negative territory."
"Despite the extreme oversold conditions, the pair has still room to continue falling towards the 1.0660 price zone, February 2003 monthly low, albeit considering it has been falling seven out of the last eight days, the risk of an upward correction has increased exponentially. Nevertheless, selling at higher levels continues to be the name of the game in the pair."
Key Quotes:
"There was no clear catalyst behind the latest fall, although the renewed tensions in Europe regarding Greece, as the country is taking it's time to implement the measures agreed with its creditors a couple of weeks ago, weighed over the common currency."
"At the same time, European stocks fell sharply as local yields contracted amid ECB buying, further fueling the EUR slide. Fundamentally, there was no relevant data to affect the currencies, as the calendar have remained pretty light so far this week."
"The 1 hour chart shows that the pair struggles around the 1.0700 level, with an early attempt of recovery limited below a strongly bearish 20 SMA, and the technical indicators resuming their slide after a limited upward correction of oversold readings."
"In the 4 hours chart the price continues to develop below its moving averages, whilst the RSI indicator heads lower around 12 and the Momentum indicator aims higher in negative territory."
"Despite the extreme oversold conditions, the pair has still room to continue falling towards the 1.0660 price zone, February 2003 monthly low, albeit considering it has been falling seven out of the last eight days, the risk of an upward correction has increased exponentially. Nevertheless, selling at higher levels continues to be the name of the game in the pair."