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20 May 2015
EUR/USD requires a break below 1.1050 to continue bearish – FXStreet
FXStreet (Barcelona) - With EUR/USD consolidating ahead of the US FOMC Minutes, Valeria Bednarik, Chief Analyst at FXStreet, shares the technical outlook for the pair, noting that single currency requires a break below the support at 1.1050 to resume bearish potential.
Key Quotes
“The market is in consolidative move after the strong dollar rally witnessed on Tuesday, with the calendar quite light in Europe and investors' attention focused in the upcoming FOMC Minutes to be released in the American afternoon.”
“The EUR/USD pair fell down to 1.1061, a fresh 3-week low before recovering some ground, hovering now around the 1.1120 price zone.”
“The 1 hour chart shows that the 20 SMA stands a few pips above the current level, whilst the technical indicators head higher from oversold levels, reflecting the latest upward correction, rather than signaling further gains.”
“In the 4 hours chart, the technical indicators are barely bouncing from oversold territory, whilst the 20 SMA heads lower well above the current price. Should the price continue to advance, the next resistance comes at 1.1170, with some short term selling interest aligned around it.”
“To the downside, former highs in the 1.1050 provide the immediate support, with a break below it required to see the pair resuming its bearish trend.”
“Support levels: 1.1050 1.1000 1.0960”
“Resistance levels: 1.1170 1.1220 1.1255”
Key Quotes
“The market is in consolidative move after the strong dollar rally witnessed on Tuesday, with the calendar quite light in Europe and investors' attention focused in the upcoming FOMC Minutes to be released in the American afternoon.”
“The EUR/USD pair fell down to 1.1061, a fresh 3-week low before recovering some ground, hovering now around the 1.1120 price zone.”
“The 1 hour chart shows that the 20 SMA stands a few pips above the current level, whilst the technical indicators head higher from oversold levels, reflecting the latest upward correction, rather than signaling further gains.”
“In the 4 hours chart, the technical indicators are barely bouncing from oversold territory, whilst the 20 SMA heads lower well above the current price. Should the price continue to advance, the next resistance comes at 1.1170, with some short term selling interest aligned around it.”
“To the downside, former highs in the 1.1050 provide the immediate support, with a break below it required to see the pair resuming its bearish trend.”
“Support levels: 1.1050 1.1000 1.0960”
“Resistance levels: 1.1170 1.1220 1.1255”