Valeria Bednarik, Chief Analyst at FXStreet, shares the technical setup for EUR/USD, with the pair making a new high at 1.1374 as market sentiment flips towards risk appetite.
Key Quotes
“Market sentiment flipped towards risk appetite this Thursday, with the greenback hit badly early in the US session. Earlier in the day, Ukraine and Russia signed a peace deal, prompting European indexes higher, whilst the Bank of Japan dismissed the chances of further stimulus, saying it could be counterproductive at this time.”
“In the US, data disappointed with weekly unemployment claims up to 304K last week, and Retail Sales falling below forecast in January.”
“As for the EUR/USD technical picture, the pair surged up to 1.1374 before retracing, still finding strong selling interest around the key resistance area.”
“The 1 hour chart shows that indicators bounced from their midlines an present a mild positive tone, while the price surged above its 20 SMA, now hovering around 1.1320.”
“In the 4 hours chart the pair maintains its former neutral technical stance as per trading between Fibonacci levels, with little scope towards the upside as long as limited below the 1.1360/70 price zone.”
Key Quotes
“Market sentiment flipped towards risk appetite this Thursday, with the greenback hit badly early in the US session. Earlier in the day, Ukraine and Russia signed a peace deal, prompting European indexes higher, whilst the Bank of Japan dismissed the chances of further stimulus, saying it could be counterproductive at this time.”
“In the US, data disappointed with weekly unemployment claims up to 304K last week, and Retail Sales falling below forecast in January.”
“As for the EUR/USD technical picture, the pair surged up to 1.1374 before retracing, still finding strong selling interest around the key resistance area.”
“The 1 hour chart shows that indicators bounced from their midlines an present a mild positive tone, while the price surged above its 20 SMA, now hovering around 1.1320.”
“In the 4 hours chart the pair maintains its former neutral technical stance as per trading between Fibonacci levels, with little scope towards the upside as long as limited below the 1.1360/70 price zone.”
