(Barcelona) - The EUR/USD has been unable to break out to the upside over the European morning, despite an overall positive market sentiment which appears to be overshadowed by the looming Ecofin meeting tomorrow. The pair has been testing resistance at 1.4200, however so far is stuck underneath near mid-day.
The techincal analysts at ecPulse.com suggest: “The bullishness yesterday was limited below 1.4205 most of the time, while we see that the downside trend’s possibility is still valid till now, where the pair is stable below the previously breached critical ascending support shown in green. Therefore, we keep our negative expectations and consolidation below 1.4150 should provide further confirmations. A four-hour closing above 1.4280 will delay our negative expectations, and negate the targets for today.”
The EUR/GBP on the other hand has been oscillating around 0.8800 today given the earlier release of the minutes from the MPC´s latest policy meeting. The pair had traded at a high of 0.8830 just prior, but subsequently dropped towards the technical barrier where it remains at time of writing.
Source : fxstreet.com
Wednesday, July 20, 2011
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