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21 May 2015
EUR/USD might retest 1.1047 whilst below 1.1138 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, believes that EUR/USD sees downside potential towards 1.1082 and 1.1047 if the pair fails to take out 1.1138 levels.
Key Quotes
“The pair ran into fresh bids in the Asian session today at 1.11 to trade at 1.1122 levels. After three consecutive days of decline, the loss of momentum could help the pair rise above its hourly 50-MA at 1.1138 and make a move upwards to 1.1170-1175.”
“On the other hand, a repeated failure to take out 1.1138 could trigger fresh selling pressure towards 1.1082 (38.2% R of 1.0461-1.1464) and 1.1047 (100-DMA).”
“A daily close above 1.1229 (23.6% R) could indicate a short-term bottom is made at 1.1060, while a close below 1.0962 (50% R of 1.0461-1.1464) could result in extension of a larger downtrend.”
Key Quotes
“The pair ran into fresh bids in the Asian session today at 1.11 to trade at 1.1122 levels. After three consecutive days of decline, the loss of momentum could help the pair rise above its hourly 50-MA at 1.1138 and make a move upwards to 1.1170-1175.”
“On the other hand, a repeated failure to take out 1.1138 could trigger fresh selling pressure towards 1.1082 (38.2% R of 1.0461-1.1464) and 1.1047 (100-DMA).”
“A daily close above 1.1229 (23.6% R) could indicate a short-term bottom is made at 1.1060, while a close below 1.0962 (50% R of 1.0461-1.1464) could result in extension of a larger downtrend.”