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2 Mar 2015
EUR/USD upside correction complete – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, technicals suggest that the upward corrective movement of EUR/USD is complete, and the pair might now resume its downslide, with the nearest support at 1.1200, a break below which might pave way for 1.1170 and 1.1130.
Key Quotes
“The EUR/USD pair retraces from a daily high set at 1.1240 during the European session, reached after European data resulted up beating, with unemployment in the region down to 11.2% and inflation figures showing a slight improvement yearly basis.”
“In the US, Personal Income and Spending figures missed expectations, although the dollar maintains its early gains against most of its rivals.”
“As for the short term in the EUR/USD, the pair trades above its 20 SMA while the Momentum indicator heads higher above 100 in the 1 hour chart, keeping the downside limited as long as the price holds above 1.1200.”
“In the 4 hours chart however, the technical picture is clearly bearish with the 20 SMA heading lower around 1.1250 and the indicators losing their early upward strength well into negative territory, suggesting the upward corrective movement is complete, and that the pair is ready to resume the downside.”
“Support levels: 1.1200 1.1170 1.1130”
“Resistance levels: 1.1250 1.1285 1.1320”
Key Quotes
“The EUR/USD pair retraces from a daily high set at 1.1240 during the European session, reached after European data resulted up beating, with unemployment in the region down to 11.2% and inflation figures showing a slight improvement yearly basis.”
“In the US, Personal Income and Spending figures missed expectations, although the dollar maintains its early gains against most of its rivals.”
“As for the short term in the EUR/USD, the pair trades above its 20 SMA while the Momentum indicator heads higher above 100 in the 1 hour chart, keeping the downside limited as long as the price holds above 1.1200.”
“In the 4 hours chart however, the technical picture is clearly bearish with the 20 SMA heading lower around 1.1250 and the indicators losing their early upward strength well into negative territory, suggesting the upward corrective movement is complete, and that the pair is ready to resume the downside.”
“Support levels: 1.1200 1.1170 1.1130”
“Resistance levels: 1.1250 1.1285 1.1320”