Forex News: EUR/USD continued consolidating

on Feb 18, 2014
  • EUR/USD continued consolidating within the resistance area between the support of 1.3700 (S1) and the resistance at 1.3735 (R1). A clear upward violation of the 1.3735 (R1) hurdle may open the way towards the next one at 1.3810 (R2). Considering negative divergence between the MACD and the price action, further consolidation or a pullback, towards the lower boundary of the upward sloping channel cannot be ruled out. On the downside, a dip below the lower boundary of the upward purple channel and the support at 1.3650 (S2) will give a neutral outlook, while a penetration below the previous low at 1.3560 (S3) may turn the short-term picture negative again.
  • Support: 1.3700 (S1), 1.3650 (S2), 1.3560 (S3).
  • Resistance: 1.3735 (R1), 1.3810 (R2), 1.3893 (R3).

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