The EUR/USD pair is seeing a limited advance on generalized dollar weakness, with the pair pressuring the 1.1380 price zone, quite limited to the upside compared to other currencies. Later on in the day both, Mario Draghi from the ECB and Janet Yellen from the FED, are due to testify before their respective Parliaments on different events, but both events have the ability of triggering interest movements in the pair.
The bearish long term dominant trend however, remains well in place in the EUR/USD pair that has been in a consolidative stage for most of this February around the 1.1300 figure. Last week, the number of shorts reduced according to the COT report, although remain at extreme highs. But both technical and fundamentally, the downside remains favored in the term. This does not mean an upward correction is impossible, but the pair will need to advance firmly above the 1.1440 price zone, to be able to extend its upward correction up to 1.1500 in the short term, with 1.1535 as a probable top. To the downside, the 1.1250 is still the key, as buyers have surged on approaches to it even since the month started.
Intraday, the 4 hours chart maintains a quite neutral stance, as per indicators hovering flat around their midlines, and the price capped below an also flat 200 EMA around current levels. Anyway, upward movements are still seen as selling opportunities up to the mentioned 1.1530 price zone in the short term.
View Live Chart for EUR/USD
The bearish long term dominant trend however, remains well in place in the EUR/USD pair that has been in a consolidative stage for most of this February around the 1.1300 figure. Last week, the number of shorts reduced according to the COT report, although remain at extreme highs. But both technical and fundamentally, the downside remains favored in the term. This does not mean an upward correction is impossible, but the pair will need to advance firmly above the 1.1440 price zone, to be able to extend its upward correction up to 1.1500 in the short term, with 1.1535 as a probable top. To the downside, the 1.1250 is still the key, as buyers have surged on approaches to it even since the month started.
Intraday, the 4 hours chart maintains a quite neutral stance, as per indicators hovering flat around their midlines, and the price capped below an also flat 200 EMA around current levels. Anyway, upward movements are still seen as selling opportunities up to the mentioned 1.1530 price zone in the short term.
View Live Chart for EUR/USD
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