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28 Aug 2013
EUR/USD recovers higher though bearishness weighs
FXstreet.com (New York) - The EUR/USD foreign exchange rate has swayed violently Wednesday, remaining in negative territory for the entirety of US trading.
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/USD failed to stabilize above 1.3400 keeping the possibility of an intraday downside move. By examining Linear Regression Indicators, we find that they are supporting our expectations due to trading above the current level; Stochastic is also showing a negative bias and has achieved a bearish crossover in overbought areas. RSI is trading below line 50 in a downside move. Therefore, we expect to see further bearishness today as long as the pair stabilizes below the referred to level 1.3400.”
With losses recently pared to a lesser degree, the EUR/USD has now moved to 1.3332, en route to a loss of -0.46% Wednesday. Briefing the technicals, the EUR/USD remains insulated by supports at 1.3336, ahead of 1.3292, and 1.3260, notes the Mataf.net analyst team.
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/USD failed to stabilize above 1.3400 keeping the possibility of an intraday downside move. By examining Linear Regression Indicators, we find that they are supporting our expectations due to trading above the current level; Stochastic is also showing a negative bias and has achieved a bearish crossover in overbought areas. RSI is trading below line 50 in a downside move. Therefore, we expect to see further bearishness today as long as the pair stabilizes below the referred to level 1.3400.”
With losses recently pared to a lesser degree, the EUR/USD has now moved to 1.3332, en route to a loss of -0.46% Wednesday. Briefing the technicals, the EUR/USD remains insulated by supports at 1.3336, ahead of 1.3292, and 1.3260, notes the Mataf.net analyst team.