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3 Mar 2015
EUR/USD eyeing 1.1097 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, gives the technical outlook for EUR/USD, noting that the pair is eyeing fresh lows for the week, anticipating a break below 1.1159 to pave way for 1.1097.
Key Quotes
“The EUR/USD pair trades near its weekly low set on Monday at 1.1159, despite German Retail Sales increased 5.3% in January in real terms, compared to a year before.”
“From a technical point of view, the 4 hours chart shows that the price is retreating from a strongly bearish 20 SMA that's capping the upside since the week started, whilst the RSI indicator turned back south after a limited upward correction from oversold levels.”
“In the same chart, the Momentum indicator failed to overcome the 100 level and turns lower, all of which supports additional declines if the price breaks below the mentioned daily low, eyeing then a steady slide towards the 1.1097 price zone, this year low.”
“The main resistance is now the mentioned 20 SMA in the 1.1210 price zone, with a break above favoring a run up to 1.1250, where selling interest will likely contain any other attempt of advancing.”
Key Quotes
“The EUR/USD pair trades near its weekly low set on Monday at 1.1159, despite German Retail Sales increased 5.3% in January in real terms, compared to a year before.”
“From a technical point of view, the 4 hours chart shows that the price is retreating from a strongly bearish 20 SMA that's capping the upside since the week started, whilst the RSI indicator turned back south after a limited upward correction from oversold levels.”
“In the same chart, the Momentum indicator failed to overcome the 100 level and turns lower, all of which supports additional declines if the price breaks below the mentioned daily low, eyeing then a steady slide towards the 1.1097 price zone, this year low.”
“The main resistance is now the mentioned 20 SMA in the 1.1210 price zone, with a break above favoring a run up to 1.1250, where selling interest will likely contain any other attempt of advancing.”