5 Jun 2015
EUR/USD weakness ahead? – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, notes that EUR/USD technicals suggest some weakness might be ahead for the pair.
Key Quotes
“Euro’s sell-off from the high of 1.1378 and the daily close below 1.1293 (23.6% Fib of 1.3991-1.0461) and 1.1229 (23.6% Fib R of 1.0461-1.1465) indicates the pair could have made a temporary top at 1.1378.”
“The bullishness could be retained only in the case of the pair witnessing a daily close above 1.1293, which would open doors for a re-test of 1.1378.”
“On the downside, a failure to rise and sustain above 1.1229 could push the pair down to 1.1190-1.1150 (5-DMA). Intraday RSI has turned lower, indicating possibility of more weakness in the pair.”
Key Quotes
“Euro’s sell-off from the high of 1.1378 and the daily close below 1.1293 (23.6% Fib of 1.3991-1.0461) and 1.1229 (23.6% Fib R of 1.0461-1.1465) indicates the pair could have made a temporary top at 1.1378.”
“The bullishness could be retained only in the case of the pair witnessing a daily close above 1.1293, which would open doors for a re-test of 1.1378.”
“On the downside, a failure to rise and sustain above 1.1229 could push the pair down to 1.1190-1.1150 (5-DMA). Intraday RSI has turned lower, indicating possibility of more weakness in the pair.”