6 Jan 2015
EUR recovers but the outlook stays bearish – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, shares the overall outlook for EUR/USD stays bearish as long as the pair fails to close above 1.20 levels, with the pair trading near 1.1957 levels after recovering from 1.1866 lows.
Key Quotes
“The EUR/USD pair finished lower at 1.1936 on Monday, after having managed to recover from the lows of 1.1866. The recovery continues today as the pair trades higher at 1.1957 at the time of writing, with the daily RSI oversold at 28.14 levels.”
“On the hourly charts, the pair is struggling near the resistance located at 1.1960 levels. However, the hourly RSI, at 54.22, indicates the pair is likely to rise above the resistance at 1.1960 and the hourly 50-SMA resistance at 1.1971, to test 1.2 levels today.”
“Moreover, the pair is likely to fill the gap between 1.2 and 1.1977 levels.“
“Meanwhile, a failure to take out resistance at 1.1960-1.1971, shall open doors for a re-test of hourly 10-SMA located at 1.1944.”
“Overall the outlook stays bearish so long as the pair fails to confirm a daily close above the psychological level of 1.2.”
Key Quotes
“The EUR/USD pair finished lower at 1.1936 on Monday, after having managed to recover from the lows of 1.1866. The recovery continues today as the pair trades higher at 1.1957 at the time of writing, with the daily RSI oversold at 28.14 levels.”
“On the hourly charts, the pair is struggling near the resistance located at 1.1960 levels. However, the hourly RSI, at 54.22, indicates the pair is likely to rise above the resistance at 1.1960 and the hourly 50-SMA resistance at 1.1971, to test 1.2 levels today.”
“Moreover, the pair is likely to fill the gap between 1.2 and 1.1977 levels.“
“Meanwhile, a failure to take out resistance at 1.1960-1.1971, shall open doors for a re-test of hourly 10-SMA located at 1.1944.”
“Overall the outlook stays bearish so long as the pair fails to confirm a daily close above the psychological level of 1.2.”