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20 May 2015
EUR/USD bears require break of 1.1050 - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the conditions and price action surrounding EUR/USD.
Key Quotes:
"The EUR/USD pair initially fell towards its daily low established at 1.1061 with the release, but bounced from it and hovers around the 1.1120 level, unable to break above the critical Fibonacci resistance."
"The short term technical picture shows that the price is barely above a mild bullish 20 SMA whilst the technical indicators head higher below their mid-lines, suggesting the pair may extend its upward correction."
"In the 4 hours chart however, the 20 SMA maintains a strong bearish slope well above the current level, whilst the technical indicators have barely bounced from extreme oversold levels, keeping the risk towards the downside albeit the limited buying interest around the pair. Nevertheless, a break below former highs in the 1.1050 region is required to confirm a bearish continuation towards the 1.1000 figure."
Key Quotes:
"The EUR/USD pair initially fell towards its daily low established at 1.1061 with the release, but bounced from it and hovers around the 1.1120 level, unable to break above the critical Fibonacci resistance."
"The short term technical picture shows that the price is barely above a mild bullish 20 SMA whilst the technical indicators head higher below their mid-lines, suggesting the pair may extend its upward correction."
"In the 4 hours chart however, the 20 SMA maintains a strong bearish slope well above the current level, whilst the technical indicators have barely bounced from extreme oversold levels, keeping the risk towards the downside albeit the limited buying interest around the pair. Nevertheless, a break below former highs in the 1.1050 region is required to confirm a bearish continuation towards the 1.1000 figure."