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EUR/Dollar To Find Major Support At 1.1258 -

Sep, 21st 05:35

 

The EUR/USD traded as high as 1.1459 on Friday, before turning sharply south during the American afternoon, to close the day around the 1.1300 figure.

At this point,  the  technical picture continues lacking clear directional strength, as daily basis, the price has retreated back towards its 20 SMA that heads slightly lower around 1.1240,  whilst the Momentum indicator has turned flat above the 100 level and the RSI indicator turned south, now around 53.

Nevertheless, the pair holds above its 100 and 200 SMAs, both pretty much flat and well below the current level, limiting the downside around 1.1080/1.1130.  In the 4 hours chart, the price has broken below its 20 SMA, whilst the technical indicators indicate an increasing bearish potential, crossing their mid-lines towards the downside.

Dollar’s sell off posted a U-turn on Friday, with the America currency recovering a good part of its losses, particularly against its European rivals.

During the weekend, Greece went to the polls, with the first results expected around Tokyo’s opening. There are few chances of the news affecting the common currency beyond some spikes at the opening, given that no matter who wins, the economic scenario will hardly change. China will release a sentiment indicator later on in the day, with more chances of reaching a market that has been trading mostly on sentiment for already several weeks.

Also, and during the weekend, FED’s Bullard stated that he pushed against the decision to delay an interest rate increase, because the economy has more or less fulfilled policy makers’ goals, which may lead to some dollar gains at the opening, outside the EUR/USD pair.

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