According to Valeria Bednarik, Chief Analyst at FXStreet, the EUR/USD range might terminate soon and give direction to the single currency which is seen extending its consolidative stage today.
Key Quotes
“The EUR/USD consolidative stage extends into Thursday, with the pair unable to find a way. Ever since mid last week, the pair has been moving back and forth around the 1.1300 surrounded by uncertainty over what may happen to Greece debt ever since Tsipras became the new PM.”
“But late Monday, news hit the wires that the new finance minister, Janis Varoufakis, plans a debt swap with growth related bonds which diminishes the risk related to the country and its effects in the EU. Nevertheless, the EUR/USD pair remains mute above 1.1300.”
“From a technical perspective, the EUR/USD 1 hour chart shows that the price continues to hover between the 38.2% and the 50% retracements of its latest slide, with strong selling interest aligned around 1.1365, and buyers defending the 1.1250/80 base.”
“As for the rest, technical readings had turned neutral, meaning a break on any of the above mentioned extremes is required to see the pair developing a directional move, with the downside favored towards the 1.1200 figure.”
“If the range extends into Wednesday, chances are of a continued consolidation until the release of the US employment figures next Friday.”
Key Quotes
“The EUR/USD consolidative stage extends into Thursday, with the pair unable to find a way. Ever since mid last week, the pair has been moving back and forth around the 1.1300 surrounded by uncertainty over what may happen to Greece debt ever since Tsipras became the new PM.”
“But late Monday, news hit the wires that the new finance minister, Janis Varoufakis, plans a debt swap with growth related bonds which diminishes the risk related to the country and its effects in the EU. Nevertheless, the EUR/USD pair remains mute above 1.1300.”
“From a technical perspective, the EUR/USD 1 hour chart shows that the price continues to hover between the 38.2% and the 50% retracements of its latest slide, with strong selling interest aligned around 1.1365, and buyers defending the 1.1250/80 base.”
“As for the rest, technical readings had turned neutral, meaning a break on any of the above mentioned extremes is required to see the pair developing a directional move, with the downside favored towards the 1.1200 figure.”
“If the range extends into Wednesday, chances are of a continued consolidation until the release of the US employment figures next Friday.”
