1 Dec 2014
A break below 1.2426 appears more likely for EUR/USD - FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, notes that the repeated failure to rise above 1.25 levels makes the break below 1.2426 likely for the EUR/USD pair.
Key Quotes
“The EUR/USD pair ended lower on Friday at 1.2439 levels, after failing to sustain gains above the resistance located at 1.2480. The pair once again fell to 1.2430 levels today after a slightly positive start to the week, although losses have been restricted around the Friday’s low of 1.2426 levels.”
“Meanwhile, the hourly chart shows, the pair is trading in a falling channel, with the RSI, at 45.47, indicating further weakness in the pair.”
“Moreover, on the hourly chart, the pair appears stuck between the 38.2% and 61.8% retracement level of the uptrend located at 1.2467 and 1.2426 respectively.”
“Thus, a fresh selling pressure can be anticipated, once the pair confirms a break below 1.2426 levels. In such case, the pair is likely to test the channel support around 1.2380 levels.”
“Given , the repeated failure to rise above 1.25 levels, a break below 1.2426 appears more likely. On the other hand, EUR bulls may come-in only above 1.25 levels”
Key Quotes
“The EUR/USD pair ended lower on Friday at 1.2439 levels, after failing to sustain gains above the resistance located at 1.2480. The pair once again fell to 1.2430 levels today after a slightly positive start to the week, although losses have been restricted around the Friday’s low of 1.2426 levels.”
“Meanwhile, the hourly chart shows, the pair is trading in a falling channel, with the RSI, at 45.47, indicating further weakness in the pair.”
“Moreover, on the hourly chart, the pair appears stuck between the 38.2% and 61.8% retracement level of the uptrend located at 1.2467 and 1.2426 respectively.”
“Thus, a fresh selling pressure can be anticipated, once the pair confirms a break below 1.2426 levels. In such case, the pair is likely to test the channel support around 1.2380 levels.”
“Given , the repeated failure to rise above 1.25 levels, a break below 1.2426 appears more likely. On the other hand, EUR bulls may come-in only above 1.25 levels”