EUR/USD Mid-Session Technical Analysis for June 27, 2014 » Fx …
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Daily EUR/USD Technical Analysis
Daily EUR/USD
The EUR/USD is trading unchanged at the mid-session. Volume and volatility remain low and the market range bound.
The range for the month is 1.3502 to 1.3676. The mid-point of the range is 1.3589. The Euro has straddled this price the last seven sessions. Heavy selling pressure drove the market though this price on Thursday, but buyers were able to drive the market back over this level after reaching a low of 1.3575.
Traders are expected to hold the EUR/USD inside the current range until they get confirmation that the European Central Bank’s stimulus plan is working or not. This may be as soon as Monday when the Euro Zone Flash inflation figures will be released, or as late as July 17, following the release of the Euro Zone’s CPI and Core CPI reports.
Technically, the week is likely to finish with an upside bias because of the close over 1.3589. Fundamentally, this may be because of the release of weaker-than-expected GDP data earlier in the week and the steady decline of U.S. interest rates.
The first two possible support levels today come in at 1.3589 and 1.3581. These are followed by an uptrending angle at 1.3567.
On the upside, the nearest resistance angle drops in at 1.3639. A sustained move above this level could lead to a test of yesterday’s high at 1.3650.
Recovering the uptrending angle at 1.3622 will be a sign of strength while a decline under the downtrending angle at 1.3601 will be a sign of weakness.
Look for steady price action today with a slight bias to the upside. If there is a late session break, the pair of 50% levels at 1.3589 to 1.3581 are likely to underpin the market.
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EUR/USD Mid-Session Technical Analysis for June 27, 2014 » Fx …
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