30 Sept 2014 EUR/USD Analysis

EURUSD, EUR/USD, Euro, Technical Analysis, Forex, Trading EUR/USD trades towards 1.267 as technical retracfement nears

EURUSD, EUR/USD, Euro, Technical Analysis, Forex, Trading The previous descending triangle breakthrough has seen the retest of minor resistance at 1.2824 before 1.274 was broken, with price levels staying below moving averages.

EURUSD, EUR/USD, Euro, Technical Analysis, Forex, Trading Technical support nears as prices stay afloat above 1.267

The ongoing divergence in the market shows the disparity between currencies as the Euro heads towards monetary stimulus while the Federal Reserve looks to wind down asset purchases. Euro area consumer confidence fell in September as the U.S domestic consumerism was encouraged by further job gains. The EUR/USD fell to 1.267 before closing just below 1.27 as the trading day came to a close, with the market not responding yet to the possible Catalonia referendum. The ECB would have to follow up their initial steps of cutting interest rates and announcing a limited plan to buy asset-backed securities covered bonds with real actions to spur the economy back to life and gain the confidence of investors. There is likely to be limited recovery ahead of the ECB meeting this Thursday.

Trend Direction
Stop Loss
Bearish / support near 1.2515 1.257 1.267 1.27 1.276 1.28

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