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9 Aug 2013
EUR/USD retraces morning decline
FXstreet.com (Barcelona) - EUR/USD ranged overnight, but dipped into the European open to post a morning decline at 1.3367, just below the daily pivot point at 1.3370.
The pair looks to have met some near term support and pushed higher, retracing todays decline to where it is currently trading at 1.3385. Overnight, the RBA policy statement in which the central bank cut its growth forecast, and Chinese data was generally seen as being supportive to global risk sentiment. This morning has seen disappointing French and Italian Trade numbers, but decent UK Trade data.
EUR/USD technically bearish?
The FXstreet.com Trend Index is showing EUR/USD to be strongly bearish but the OC/OS Index is neutral. Support below can be seen at 1.3370, 1.3338 and 1.3295. resistance above is located at 1.3413, 13445 and 13488. Hourly oscillators are indicating a slight downtrend, with RSI at 59, having moved from overbought this morning, while Stochastics are at 40.
The pair looks to have met some near term support and pushed higher, retracing todays decline to where it is currently trading at 1.3385. Overnight, the RBA policy statement in which the central bank cut its growth forecast, and Chinese data was generally seen as being supportive to global risk sentiment. This morning has seen disappointing French and Italian Trade numbers, but decent UK Trade data.
EUR/USD technically bearish?
The FXstreet.com Trend Index is showing EUR/USD to be strongly bearish but the OC/OS Index is neutral. Support below can be seen at 1.3370, 1.3338 and 1.3295. resistance above is located at 1.3413, 13445 and 13488. Hourly oscillators are indicating a slight downtrend, with RSI at 59, having moved from overbought this morning, while Stochastics are at 40.