12 Jun 2015
EUR/USD: More upside longer-term - TDS
FXStreet (Guatemala) - Analysts at TD Securities noted the technical conditions surrounding EUR/USD.
Key Quotes:
"The weekly charts echo the consolidation message of the shorter-term trends; a weekly bear flag underscores the importance of a break under support in the low 1.09 area (downside move resumes, possibly aggressively)."
"But the longer-term picture does allow for more upside (high 1.16s where the channel ceiling current converges with the 40-week MA) while the consolidation plays out."
"The fact that the market has barely gotten back to the 23.6% retracement point since the March/April base might suggest a fair bit of scope for corrective gains to play out. But it also underscores how weak the EUR bounce thus far has been after the slide from 1.40."
Key Quotes:
"The weekly charts echo the consolidation message of the shorter-term trends; a weekly bear flag underscores the importance of a break under support in the low 1.09 area (downside move resumes, possibly aggressively)."
"But the longer-term picture does allow for more upside (high 1.16s where the channel ceiling current converges with the 40-week MA) while the consolidation plays out."
"The fact that the market has barely gotten back to the 23.6% retracement point since the March/April base might suggest a fair bit of scope for corrective gains to play out. But it also underscores how weak the EUR bounce thus far has been after the slide from 1.40."