Flash: EUR/USD dangerously close to 1.3700 - FXStreet

FXStreet (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst notes that following an advance to 1.3770 on improved inflation in Europe and business confidence in Germany, the EUR/USD trades a few pips below past Asian opening, struggling with a short term ascendant trend line coming from 1.3560, February 12th low.

Key Quotes

“The pair has been in range mode for several weeks already, albeit maintaining a shy bullish tone, grinding to fresh highs a few pips above previous one here and there.”

“Still, the upward momentum plays hard to arrive, and the short term picture has turned negative, as indicators head lower below their midlines and price holds below its 20 SMA. In the 4 hours chart, the technical picture remains quite neutral, with indicators around their midlines and price pivoting around its 20 SMA. Below 1.3710, the pair may continue falling, thus buyers are expected to surge on approaches to 1.3650.”

“Support levels: 1.3710 1.3680 1.3650. Resistance levels: 1.3740 1.3780 1.3830.”