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12 Mar 2015
EUR/USD might extend correction to 1.0700 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that EUR/USD technical indicators are losing upward strength, and the pair might extend its correction to 1.0700 on a recovery above 1.0640.
Key Quotes
“The EUR/USD pair has managed to correct partially the extreme oversold readings reached this Thursday, with the pair falling as low as 1.0493 before bouncing up to 1.0642.”
“Technically, the 4 hours chart shows that the price stalled well below a strongly bearish 20 SMA, whilst the technical indicators have erased the extreme oversold readings reached yesterday, but they are now losing upward strength well into negative territory.”
“The price seems to have stabilized around the 1.0600 level in the short term, and the immediate support stands at 1.0555, where the pair presents some intraday highs and lows from these last couple of days.”
“A break below it should lead to a retest of the mentioned daily low, whilst a break below should see the decline accelerating towards the 1.0460 price zone.”
“A recovery above 1.0640 on the other hand, will trigger additional gains in the pair, up to the 1.0700 figure, where the pair has its 20 SMA in the mentioned time frame.”
“Later on in the day, the US will release its Retail Sales figures, the likely trigger for the upcoming move should the figures diverge from expectations.”
Key Quotes
“The EUR/USD pair has managed to correct partially the extreme oversold readings reached this Thursday, with the pair falling as low as 1.0493 before bouncing up to 1.0642.”
“Technically, the 4 hours chart shows that the price stalled well below a strongly bearish 20 SMA, whilst the technical indicators have erased the extreme oversold readings reached yesterday, but they are now losing upward strength well into negative territory.”
“The price seems to have stabilized around the 1.0600 level in the short term, and the immediate support stands at 1.0555, where the pair presents some intraday highs and lows from these last couple of days.”
“A break below it should lead to a retest of the mentioned daily low, whilst a break below should see the decline accelerating towards the 1.0460 price zone.”
“A recovery above 1.0640 on the other hand, will trigger additional gains in the pair, up to the 1.0700 figure, where the pair has its 20 SMA in the mentioned time frame.”
“Later on in the day, the US will release its Retail Sales figures, the likely trigger for the upcoming move should the figures diverge from expectations.”