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4 Apr 2014
EUR/USD weakens after 1.3725 failure
FXStreet (Bali) - EUR/USD is trading a tad softer during Asian hours, currently at 1.3714 following topside failure at the 1.3724 intraday resistance.
The Euro's heavy tone follows a fall from 1.3806 high last Thursday, as a response to the more dovish approach by ECB Presiden Mario Draghi on Thursday's monetary policy meeting, in which, as Kathy Lien, Co-Founder at BK Asset Management, notes "re-emphasizing the possibility of more stimulus was the most important takeaway."
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The bearish tone prevails with the hourly chart showing price developing below the 50% retracement of its latest bullish run, and indicators recovering some from extreme oversold readings. In the 4 hours chart the technical picture is also quite bearish, with immediate support now around 1.3640/60 price zone, where daily lows and highs converge with a long term ascendant trend line."
The Euro's heavy tone follows a fall from 1.3806 high last Thursday, as a response to the more dovish approach by ECB Presiden Mario Draghi on Thursday's monetary policy meeting, in which, as Kathy Lien, Co-Founder at BK Asset Management, notes "re-emphasizing the possibility of more stimulus was the most important takeaway."
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The bearish tone prevails with the hourly chart showing price developing below the 50% retracement of its latest bullish run, and indicators recovering some from extreme oversold readings. In the 4 hours chart the technical picture is also quite bearish, with immediate support now around 1.3640/60 price zone, where daily lows and highs converge with a long term ascendant trend line."