EUR/USD: markets looking to the week ahead as Syria is shrugged off.
EUR/USD: risk tone mixed
EUR/USD has been up to test the 100 hourly rising SMA at 1.2343 with a mixed start to the week in terms of risk sentiment. The Syrian risk was shelved to begin with, treated as old news while markets then turned attention to the ABC Comey interview instead that has just got underway.
Risk tone: well, so far so good, just another attack on Syria, market moves on . . .
Following the end of last's week trade where the threats from Trump over Syria were heightened, there were three subsequent targets hit in Syria over the weekend, with more than 100 missiles fired against what they say were Syrian chemical weapons facilities.
Eyes turn to the week ahead instead
However, there was little in the way of an immediate threat/retaliation from the usual suspects and given the time that passed since the strikes, the yen, in fact, weakened off slightly and focus remain on the week's coming data events and friendlier trade environment.
The week ahead: plenty of key data to chew on - Nomura
Valeria Bednarik, chief analyst at FXstreet explained that, technically, the EUR/USD pair has been developing inside a symmetrical triangle since mid-February:
"Technical indicators in the mentioned chart remain attached to their mid-lines, with no clear directional strength. Shorter term, the pair presents a neutral-to-bearish stance, as in the 4 hours chart, the upside is being contained by a flat 20 SMA, the Momentum indicator heads lower within negative territory, while the RSI heads nowhere around 50."
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