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5 May 2015
EUR/USD heading towards 1.1050 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, sees downside potential for EUR/USD towards 1.1050, a break below which might drive the pair lower towards 1.10 levels.
Key Quotes
“The EUR/USD pair started this Tuesday with a negative footing, extending its decline down to 1.1065, after breaching the 1.1100 level. Market talks surrounding Greece and the possibility that the IMF is considering retreat its support to the country weighed on Greek bonds, and dragged the common currency lower.”
“The pair recovered briefly above 1.1100 following the news, but struggles around the level, and with technical readings still favoring the downside according to the 4 hours chart that shows that the price holds below its 20 SMA, whilst the technical indicators maintain their bearish slope in negative territory.”
“The pair has a strong static support level at 1.1050, former highs and the 38.2% retracement of its latest bullish run, which means a break below it should fuel the decline towards the 1.1000 region.”
“The immediate resistance on the other hand, stands at 1.1120, with a recovery above supporting additional short term advances towards the 1.1160 region.”
Key Quotes
“The EUR/USD pair started this Tuesday with a negative footing, extending its decline down to 1.1065, after breaching the 1.1100 level. Market talks surrounding Greece and the possibility that the IMF is considering retreat its support to the country weighed on Greek bonds, and dragged the common currency lower.”
“The pair recovered briefly above 1.1100 following the news, but struggles around the level, and with technical readings still favoring the downside according to the 4 hours chart that shows that the price holds below its 20 SMA, whilst the technical indicators maintain their bearish slope in negative territory.”
“The pair has a strong static support level at 1.1050, former highs and the 38.2% retracement of its latest bullish run, which means a break below it should fuel the decline towards the 1.1000 region.”
“The immediate resistance on the other hand, stands at 1.1120, with a recovery above supporting additional short term advances towards the 1.1160 region.”