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4 Sep 2014
EUR nosedives against all rivals post-ECB - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik emphasizes that today's unexpected ECB rate cuts and announcement of new measures dragged the EUR/USD to 1.2995 low before bouncing back a bit.
Key quotes
"The bounce so far has been quite shallow, with price below 1.3050 immediate resistance, and as long as below it, risk remains to the downside."
"A recovery above the level, may see an upward corrective extension, but the dominant trend is now strongly bearish."
"Short term, the hourly chart shows RSI exhausted around 13 while momentum maintains a vertical slope pointing south in negative territory."
"In the 4 hours chart the technical picture is the same, with a strong bearish momentum prevailing and supporting further falls ahead."
"Market may enter in wait and see mode however, ahead of Friday’s US employment figures."
Key quotes
"The bounce so far has been quite shallow, with price below 1.3050 immediate resistance, and as long as below it, risk remains to the downside."
"A recovery above the level, may see an upward corrective extension, but the dominant trend is now strongly bearish."
"Short term, the hourly chart shows RSI exhausted around 13 while momentum maintains a vertical slope pointing south in negative territory."
"In the 4 hours chart the technical picture is the same, with a strong bearish momentum prevailing and supporting further falls ahead."
"Market may enter in wait and see mode however, ahead of Friday’s US employment figures."