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4 May 2015
EUR/USD sees downside risks below 1.1120 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, sees downside potential for EUR/USD towards 1.1050 if the pair breaks below the strong support at 1.1120.
Key Quotes
“From a technical point of view, the 4 hours chart shows that the price broke below its 20 SMA that maintains a bullish slope, whilst the technical indicators head lower in positive territory, with the Momentum indicator approaching the 100 level and the RSI indicator accelerating south around 55.”
“The pair has a strong static support level around 1.1120, the 61.8% retracement of the 1.1533/1.0461 bearish run, and the risk towards the downside will remain limited as long as above it.”
“Nevertheless, a break below 1.1120 should see the pair extending its intraday decline towards the 1.1050 region, next big static support.”
Key Quotes
“From a technical point of view, the 4 hours chart shows that the price broke below its 20 SMA that maintains a bullish slope, whilst the technical indicators head lower in positive territory, with the Momentum indicator approaching the 100 level and the RSI indicator accelerating south around 55.”
“The pair has a strong static support level around 1.1120, the 61.8% retracement of the 1.1533/1.0461 bearish run, and the risk towards the downside will remain limited as long as above it.”
“Nevertheless, a break below 1.1120 should see the pair extending its intraday decline towards the 1.1050 region, next big static support.”