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22 Apr 2015
EUR/USD likely to see additional declines below 1.0715 – FXStreet
FXStreet (Barcelona) - With EUR/USD weakening due to the SNB fuelled slump, Valeria Bednarik, Chief Analyst at FXStreet, expects a break below 1.0715 to lead to further losses towards 1.0630 for the pair.
Key Quotes
“News that Greece has cash enough to face its upcoming maturities and won't have financial issues until late June, has brought relief to the common currency that advanced up to 1.0800. Sellers however surged around the critical figure, sending the pair back lower ahead of the US opening. Market's mood has found also support from better-than-expected inflation readings in Australia, released during the past Asian session, sending the dollar generally lower across the board.”
“In Europe, Italy released its monthly inflation readings, slightly above expectations and also supportive of a EUR rally.”
“Nevertheless, and despite broad dollar weakness, the EUR retraces sharply alongside with the CHF, on news the SNB announced pension funds can be subject to negative rates.”
“Technically, the 1 hour chart shows that the price broke below its 20 and 100 SMAs, now the immediate support level around 1.0745, whilst the technical indicators are aiming higher and breaking below their mid-lines.”
“In the 4 hours chart, a mild negative tone prevails, as the technical indicators head lower below their mid-lines, whilst the price stands below its moving averages.”
“Additional declines below 1.0715 should lead to a stronger decline, eyeing 1.0630 as a probable daily low.”
“Support levels: 1.0715 1.0680 1.0630”
“Resistance levels: 1.0770 1.0810 1.0850”
Key Quotes
“News that Greece has cash enough to face its upcoming maturities and won't have financial issues until late June, has brought relief to the common currency that advanced up to 1.0800. Sellers however surged around the critical figure, sending the pair back lower ahead of the US opening. Market's mood has found also support from better-than-expected inflation readings in Australia, released during the past Asian session, sending the dollar generally lower across the board.”
“In Europe, Italy released its monthly inflation readings, slightly above expectations and also supportive of a EUR rally.”
“Nevertheless, and despite broad dollar weakness, the EUR retraces sharply alongside with the CHF, on news the SNB announced pension funds can be subject to negative rates.”
“Technically, the 1 hour chart shows that the price broke below its 20 and 100 SMAs, now the immediate support level around 1.0745, whilst the technical indicators are aiming higher and breaking below their mid-lines.”
“In the 4 hours chart, a mild negative tone prevails, as the technical indicators head lower below their mid-lines, whilst the price stands below its moving averages.”
“Additional declines below 1.0715 should lead to a stronger decline, eyeing 1.0630 as a probable daily low.”
“Support levels: 1.0715 1.0680 1.0630”
“Resistance levels: 1.0770 1.0810 1.0850”