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13 Mar 2015
EUR/USD bearish pressure intact – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes technicals suggest that the short-term outlook for EUR/USD remains bearish.
Key Quotes
“The technical picture continues to support the downside in the short term, as the 4 hours chart shows that the price has found intraday resistance around a bearish 20 SMA currently at 1.0635, whilst the RSI indicator stands flat around 34 after erasing extreme oversold readings, and the Momentum indicator consolidates below the 100 level.”
“If market players decide to take some profits out of the table, an upward acceleration through 1.0640 should lead to an advance up to 1.0685/1.0700, although additional gains seem unlikely as selling interest will likely surge around there.”
“To the downside, the main support is still the 1.0550 level, with several intraday highs and lows from these days around it: a break below it should then lead to a continued decline towards the 1.0500 price zone.”
Key Quotes
“The technical picture continues to support the downside in the short term, as the 4 hours chart shows that the price has found intraday resistance around a bearish 20 SMA currently at 1.0635, whilst the RSI indicator stands flat around 34 after erasing extreme oversold readings, and the Momentum indicator consolidates below the 100 level.”
“If market players decide to take some profits out of the table, an upward acceleration through 1.0640 should lead to an advance up to 1.0685/1.0700, although additional gains seem unlikely as selling interest will likely surge around there.”
“To the downside, the main support is still the 1.0550 level, with several intraday highs and lows from these days around it: a break below it should then lead to a continued decline towards the 1.0500 price zone.”