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21 Apr 2015
EUR/USD technicals supporting additional declines – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, EUR/USD favours the downside, and a break of the immediate support at 1.0640 might pave way for 1.0590 and even 1.0550.
Key Quotes
“Technically, the pair failed to regain the upside with the news, trading near its daily low and with the 4 hours chart showing that the price is approaching to its immediate support, the 23.6% retracement of its latest bearish run at 1.0640, as the technical indicators head strongly south below their mid-lines.”
“Furthermore, the price stands below its moving averages, all of which supports additional declines. A break through the mentioned support should lead to a downward extension towards the 1.0590 level, whilst beyond this last, 1.0550 comes next.”
Key Quotes
“Technically, the pair failed to regain the upside with the news, trading near its daily low and with the 4 hours chart showing that the price is approaching to its immediate support, the 23.6% retracement of its latest bearish run at 1.0640, as the technical indicators head strongly south below their mid-lines.”
“Furthermore, the price stands below its moving averages, all of which supports additional declines. A break through the mentioned support should lead to a downward extension towards the 1.0590 level, whilst beyond this last, 1.0550 comes next.”