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1 Apr 2015
EUR/USD buyers defending 1.0710 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, views that EUR/USD has again failed to break below 1.0710 as buying interest surges at the mentioned level, but if triggered might pave way for 1.0660.
Key Quotes
“.. the 4 hours chart for the pair shows that the 1.0710 keeps holding so far, albeit the price continues to pressure the Fibonacci support.”
“The technical bias is bearish, as the 20 SMA extended lower above the current levels, whilst the technical indicators head lower below their mid-lines, after a limited upward correction from overbought levels.”
“Buyers have been defending the mentioned 1.0710 level, with stops probably accumulating then, around the 1.0700 level. If those get triggered, the pair may quickly ease towards the 1.0660 price zone, while beyond this last, the slide may extend down to 1.0620.”
“To the upside on the other hand, the pair has a short term resistance around 1.0760, followed by the 1.0800 where selling interest is expected to resume.”
Key Quotes
“.. the 4 hours chart for the pair shows that the 1.0710 keeps holding so far, albeit the price continues to pressure the Fibonacci support.”
“The technical bias is bearish, as the 20 SMA extended lower above the current levels, whilst the technical indicators head lower below their mid-lines, after a limited upward correction from overbought levels.”
“Buyers have been defending the mentioned 1.0710 level, with stops probably accumulating then, around the 1.0700 level. If those get triggered, the pair may quickly ease towards the 1.0660 price zone, while beyond this last, the slide may extend down to 1.0620.”
“To the upside on the other hand, the pair has a short term resistance around 1.0760, followed by the 1.0800 where selling interest is expected to resume.”