The EUR/USD continues to trade uneventfully in between Fibonacci levels, despite EZ deflation deepened faster than expected: annual inflation was down to -0.6%, while monthly basis came out at 0.5%, but the deflationary spiral the economy is suffering is no news. Unemployment rate in Europe post a slight improve down to 11.4%, also failing to trigger some action.
Having been range bound since Wednesday, the 4 hours chart shows that the price advances above its 20 SMA whilst indicators are flat in neutral territory. The pair is trading mostly between 1.1305, 38.2% retracement of its latest slide, and 1.1365, 50% of the same rally. A break above this last could lead to a quick advance up to 1.1400, and even up to 1.1440 where sellers should surge. Anyway, is the last day of the month and profit taking will have a significant weight in the forex board, affecting most likely overbought greenback.
View Live Chart for EUR/USD
Having been range bound since Wednesday, the 4 hours chart shows that the price advances above its 20 SMA whilst indicators are flat in neutral territory. The pair is trading mostly between 1.1305, 38.2% retracement of its latest slide, and 1.1365, 50% of the same rally. A break above this last could lead to a quick advance up to 1.1400, and even up to 1.1440 where sellers should surge. Anyway, is the last day of the month and profit taking will have a significant weight in the forex board, affecting most likely overbought greenback.
View Live Chart for EUR/USD
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