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20 Apr 2015
EUR/USD bearish within range – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, sees a possibility of a move lower towards 1.0730 and even 1.0710 if EUR/USD fails to move above 1.0800.
Key Quotes
“Technically, the 4 hours chart shows that the price of the EUR/USD pressures the 50% retracement of its latest bearish run, having been rejected last Friday from the 61.8% retracement of the same rally around 1.0840. In the same chart, the 20 SMA maintains a strong bullish slope below the current price, around 1.0730, whilst the technical indicators have lost their upward potential, but remain above their mid-lines.”
“As long as the price remains below 1.0800, chances are of a downward extension towards the mentioned 1.0730 level, with an extension beyond this last probably finding some buying interest around 1.0710, the 38.2% retracement of the same rally”
“Above 1.0800 on the other hand, the pair can rally up to 1.0847, last Friday´s gains, whilst steady gains above this level should lead to a test of 1.0900.”
Key Quotes
“Technically, the 4 hours chart shows that the price of the EUR/USD pressures the 50% retracement of its latest bearish run, having been rejected last Friday from the 61.8% retracement of the same rally around 1.0840. In the same chart, the 20 SMA maintains a strong bullish slope below the current price, around 1.0730, whilst the technical indicators have lost their upward potential, but remain above their mid-lines.”
“As long as the price remains below 1.0800, chances are of a downward extension towards the mentioned 1.0730 level, with an extension beyond this last probably finding some buying interest around 1.0710, the 38.2% retracement of the same rally”
“Above 1.0800 on the other hand, the pair can rally up to 1.0847, last Friday´s gains, whilst steady gains above this level should lead to a test of 1.0900.”