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6 Mar 2014
Flash: Anxiousness in joining EUR/USD market is to the upside - FXStreet
FXStreet (Barcelona) - Goncalo Moreira CMT, FXStreet Technical Analyst notes that EUR/USD sellers started to explore the 1.3700 vicinity in yesterday’s trading, but were confronted by dip buying.
Key Quotes
“This resulted in a choppy structure. Presently speaking, and inferring from our liquidity distribution matrix, scope exists for a return to the spike high near 1.3800 from where a fresh attempt at the downside could ensue. This market can't be labeled bearish until the lows of last week are taken out (1.3650). The demand area from our our last week's analysis proved to be actionable at the mentioned level.”
“This weeks demand is strongly concentrated below recent lows around 1.3700 denoting the anxiousness in joining this market to the upside. Stops clustered just below last weeks low are only to be considered valid if the pair is able to activate the pertaining longs.”
Key Quotes
“This resulted in a choppy structure. Presently speaking, and inferring from our liquidity distribution matrix, scope exists for a return to the spike high near 1.3800 from where a fresh attempt at the downside could ensue. This market can't be labeled bearish until the lows of last week are taken out (1.3650). The demand area from our our last week's analysis proved to be actionable at the mentioned level.”
“This weeks demand is strongly concentrated below recent lows around 1.3700 denoting the anxiousness in joining this market to the upside. Stops clustered just below last weeks low are only to be considered valid if the pair is able to activate the pertaining longs.”