26 May 2015
EUR/USD: further declines below 1.0870 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that EUR/USD might extend its decline towards 1.0830 and even 1.0800 on a break below the immediate support at 1.0870.
Key Quotes
“Technically, the EUR/USD 4 hours chart shows that the price has extended its decline a few pips below the 1.0900 level, and hovers around it, unable to recover ground. In the same chart, the technical indicators have lost their downward strength near oversold readings, but are far from suggesting a recovery, whilst the 20 SMA has extended its decline above the current price and offers a dynamic resistance in the 1.1030 region.”
“The immediate support stands at 1.0870, which means a break below it should lead to additional declines down to 1.0830, first, and towards the 1.0800 price zone should the dollar momentum extend.”
“To the upside, the price can recover up to 1.0950/60, where the first round of sellers is expected to surge ahead of the 1.1000 region.”
Key Quotes
“Technically, the EUR/USD 4 hours chart shows that the price has extended its decline a few pips below the 1.0900 level, and hovers around it, unable to recover ground. In the same chart, the technical indicators have lost their downward strength near oversold readings, but are far from suggesting a recovery, whilst the 20 SMA has extended its decline above the current price and offers a dynamic resistance in the 1.1030 region.”
“The immediate support stands at 1.0870, which means a break below it should lead to additional declines down to 1.0830, first, and towards the 1.0800 price zone should the dollar momentum extend.”
“To the upside, the price can recover up to 1.0950/60, where the first round of sellers is expected to surge ahead of the 1.1000 region.”