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1 Apr 2015
EUR/USD could be sold on rallies, eyes 1.0686 – FXStreet
FXStreet (Barcelona) - According to Omkar Godbole, FXStreet Editor and Analyst, the EUR/USD pair might see a drop towards 1.0686, with technicals supporting the bearish view.
Key Quotes
“On the charts, we see the pair trading a few pips above 1.0755, which is the 50% Fib retracement of the move from 1.0461 to 1.1050.”
“The pair was rejected by the hourly 50-MA at 1.0790 earlier today. Furthermore, we see a bearish 5-DMA and a 10-DMA crossover, coupled with a bearish daily RSI. Thus, we could see the pair drop below 1.0755 levels.”
“A re-test of 5-DMA at 1.0823 could be seen in the case of stellar PMI reports. However, the rallies could be utilized to sell as Greek concerns are still very much intact. Also, the technical outlook stays bearish so long as the pair trades below 1.0823.”
“Overall, the outlook stays in favor of a dip to 1.0686.”
Key Quotes
“On the charts, we see the pair trading a few pips above 1.0755, which is the 50% Fib retracement of the move from 1.0461 to 1.1050.”
“The pair was rejected by the hourly 50-MA at 1.0790 earlier today. Furthermore, we see a bearish 5-DMA and a 10-DMA crossover, coupled with a bearish daily RSI. Thus, we could see the pair drop below 1.0755 levels.”
“A re-test of 5-DMA at 1.0823 could be seen in the case of stellar PMI reports. However, the rallies could be utilized to sell as Greek concerns are still very much intact. Also, the technical outlook stays bearish so long as the pair trades below 1.0823.”
“Overall, the outlook stays in favor of a dip to 1.0686.”