3 Dec 2014
Next support at 1.2270 for EUR/USD – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, the EUR/USD pair might extend to the strong support at 1.2270 level if the pair breaks below 1.2310.
Key Quotes
“The EUR/USD pair trades near its daily low of 1.2322, maintaining the strong bearish momentum seen late Tuesday, as the 4 hours chart shows indicators heading strongly south well below their midlines, with RSI accelerating below 30, and 20 SMA gaining bearish slope well above current price.”
“A new leg lower through 1.2310 should see the pair extending towards 1.2270 price zone, next strong support level, but more slides seem limited ahead of tomorrows’ data. 1.2360, former year lows stands as immediate resistance, will short term sellers likely surging on an approach to it. A break above it can see the recovery extending up to 1.2400 today.”
Key Quotes
“The EUR/USD pair trades near its daily low of 1.2322, maintaining the strong bearish momentum seen late Tuesday, as the 4 hours chart shows indicators heading strongly south well below their midlines, with RSI accelerating below 30, and 20 SMA gaining bearish slope well above current price.”
“A new leg lower through 1.2310 should see the pair extending towards 1.2270 price zone, next strong support level, but more slides seem limited ahead of tomorrows’ data. 1.2360, former year lows stands as immediate resistance, will short term sellers likely surging on an approach to it. A break above it can see the recovery extending up to 1.2400 today.”