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EUR bear trend in tact - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that it was a quiet Monday across the forex board, yet pretty different among commodities and stocks, with indexes in Europe and the US broadly lower, and gold and oil trading at year lows.

Key Quotes:

“Draghi’s testimony ended up with no news, as he said that monetary policy will remain loose until inflation approaches the 2% target; in the US, Existing Home sales came out worse than expected, probably preventing dollar from claiming adepts on the day”.

“The EUR/USD fell to a new year low of 1.2816, with the bearish trend still quite in place. Short term, price develops below a flat 20 SMA as momentum grinds lower into negative territory, according to the hourly chart, with RSI stable around 44.00”.

“In the 4 hours chart indicators retraced from there midlines, with 20 SMA now around 1.2865 daily high, acting as immediate intraday resistance. Further slides are expected below 1.2810, will main bearish target set as on previous updates at 1.2740”.

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