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20 May 2015
EUR/USD sees further downside potential while below 1.1120 – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, EUR/USD might see further declines towards 1.1050 and even 1.10 if the pair fails to break above 1.1120 levels.
Key Quotes
“Technically, the 4 hours chart shows that the price stands below a strong Fibonacci resistance around 1.1120, while the 20 SMA turned sharply lower well above the current price. The technical indicators in the mentioned time frame are aiming slightly higher in oversold levels, limiting chances of a continued decline. Nevertheless, if the pair is unable to advance beyond the mentioned resistance, the risk will remain towards the downside, with a break below 1.1050 now required to confirm additional declines towards the 1.1000 region."
“Above 1.1120 on the other hand, the recovery can extend up to 1.1170 in the short term, whilst beyond this last, the next resistance is located at 1.1220.”
Key Quotes
“Technically, the 4 hours chart shows that the price stands below a strong Fibonacci resistance around 1.1120, while the 20 SMA turned sharply lower well above the current price. The technical indicators in the mentioned time frame are aiming slightly higher in oversold levels, limiting chances of a continued decline. Nevertheless, if the pair is unable to advance beyond the mentioned resistance, the risk will remain towards the downside, with a break below 1.1050 now required to confirm additional declines towards the 1.1000 region."
“Above 1.1120 on the other hand, the recovery can extend up to 1.1170 in the short term, whilst beyond this last, the next resistance is located at 1.1220.”