10 Apr 2014
EUR/USD riding dollar weakness
FXStreet (Barcelona) - EUR/USD is trading at 1.3886, up 0.23% on the day, having posted a daily high at 1.3900 and low at 1.3836.
EUR/USD is riding the dollar weakness currently against its own dovish background with an ECB that is on the defensive currently. Meanwhile, the dollar is being pressed and as strategists at TD Securities pointed out, “FOMC minutes and nonfarm payrolls were the major market drivers over the last week, both of which pushed the USD and US rates, particularly at the front end, quite a bit lower. US 2yr rates are now back to where they were pre-FOMC”.
EUR/USD overbought
The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish. At the time of writing, RSI is neutral at 52.99, down from 68.61 at the last hour close, while ADX is ranging at 20.10, up from 14.29 previous.
Meanwhile, daily RSI is in neutral territory at 57.85
On the hourly EUR/USD chart, the 200 SMA is climbing and currently at 1.3831, up from the previous hour close at 1.3774. On average, the exponential closing price for the past 20 days is 1.3785, with the trend indicating a range-bound movement ahead.
EUR/USD Levels
Spot is presently trading at 1.3887, and next resistance can be seen at 1.3900 (Daily High), 1.3916 (Daily Classic R2), 1.3934 (Monthly High), 1.3934 (Annual High) and 1.3934 (YTD High). Next support to the downside can be found at 1.3886 (Daily Classic R1), 1.3881 (Weekly Classic R2), 1.3866 (Hourly 20 EMA), 1.3863 (Yesterday's High) and 1.3855 (Daily Open).
EUR/USD is riding the dollar weakness currently against its own dovish background with an ECB that is on the defensive currently. Meanwhile, the dollar is being pressed and as strategists at TD Securities pointed out, “FOMC minutes and nonfarm payrolls were the major market drivers over the last week, both of which pushed the USD and US rates, particularly at the front end, quite a bit lower. US 2yr rates are now back to where they were pre-FOMC”.
EUR/USD overbought
The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish. At the time of writing, RSI is neutral at 52.99, down from 68.61 at the last hour close, while ADX is ranging at 20.10, up from 14.29 previous.
Meanwhile, daily RSI is in neutral territory at 57.85
On the hourly EUR/USD chart, the 200 SMA is climbing and currently at 1.3831, up from the previous hour close at 1.3774. On average, the exponential closing price for the past 20 days is 1.3785, with the trend indicating a range-bound movement ahead.
EUR/USD Levels
Spot is presently trading at 1.3887, and next resistance can be seen at 1.3900 (Daily High), 1.3916 (Daily Classic R2), 1.3934 (Monthly High), 1.3934 (Annual High) and 1.3934 (YTD High). Next support to the downside can be found at 1.3886 (Daily Classic R1), 1.3881 (Weekly Classic R2), 1.3866 (Hourly 20 EMA), 1.3863 (Yesterday's High) and 1.3855 (Daily Open).