10 February 2014, 18:06  Euro keeps the upper band of the recent 2-week range

EUR/USD hovering over the 1.3640/35 region. The lack of direction seems to prevail amongst traders at the beginning of the week, although the pair manages to keep the upper band of the recent 2-week range near 1.3650. Better-than-expected Sentix index did little to change the current flat trend, with the pair retracing from session peaks near 1.3650. “We rather favour more choppy range trade for the moment as the market is showing little in the way of trending bias (daily oscillator signals are weak and trending weaker). We still rather think risks are geared towards a test of 1.33/1.34 after the reversal from 1.38/1.39 but conviction is low”, commented Shaun Osborne, Chief FX Strategist at TD Securities. The pair is now losing 0.04% at 1.3633 with the next support at 1.3610 (low Feb.10) ahead of 1.3595 (daily cloud base) and then 1.3581 (10-d MA). On the upside, a breakout of 1.3649 (high Feb.7) would target 1.3666 (high Jan.30) en route to 1.3685 (high Jan.29).

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