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2 Mar 2015
EUR/USD makes fresh 5-week lows in Asia
FXStreet (Bali) - The USD is strengthening across the board, making fresh new lows against the Euro at 1.1162, representing a slide of over 30 pips from last NY close at 1.1194.
View from Valeria Bednarik, Chief Analyst at FXStreet
"The new month starts with the EUR weakening further against its rivals, as the market's attention shifted once again towards the upcoming launch of quantitative easing in Europe, expected to begin as soon as March 9."
"The technical picture reaffirms the dominant bearish long term trend, after the pair broke below 1.1250, the support level that contained the downside for all of the past February."
"The 4 hours chart shows that the price develops below a strongly bearish 20 SMA whilst the Momentum indicator heads lower below 100 and the RSI indicators hovers around oversold territory."
"The immediate short term resistance comes at 1.1170, with scope to test the year low of 1.1097 should the level give up. To the upside, the mentioned 1.1250 price zone will probably attract selling interest if reached with a break above it is seen as unlikely at the time being."
View from Valeria Bednarik, Chief Analyst at FXStreet
"The new month starts with the EUR weakening further against its rivals, as the market's attention shifted once again towards the upcoming launch of quantitative easing in Europe, expected to begin as soon as March 9."
"The technical picture reaffirms the dominant bearish long term trend, after the pair broke below 1.1250, the support level that contained the downside for all of the past February."
"The 4 hours chart shows that the price develops below a strongly bearish 20 SMA whilst the Momentum indicator heads lower below 100 and the RSI indicators hovers around oversold territory."
"The immediate short term resistance comes at 1.1170, with scope to test the year low of 1.1097 should the level give up. To the upside, the mentioned 1.1250 price zone will probably attract selling interest if reached with a break above it is seen as unlikely at the time being."