16 Jan 2015
EUR/USD might extend losses to 1.1567 levels – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, expects EUR/USD to remain weak in anticipating of a soft Eurozone CPI print, and to test 1.1567 levels on a break of the support at 1.16 levels.
Key Quotes
“The EUR/USD pair suffered an SNB driven slide to finish lower at 1.1618 levels, breaching the support at 1.1637 (Nov. 2205 low).”
“Meanwhile, on the hourly charts, the RSI has recovered from the oversold region, although it still stays bearish at 40.75 levels. The pair could see a minor recovery to 1.6670 levels if it manages to sustain above 1.1637 levels.”
“However, given the bearish RSI, the pair is likely to dip once again towards 1.16 levels. Moreover, the pair is likely to remain weak in anticipation of a weak German and Eurozone CPI print. Thus, the pair risks extending losses to 1.1567 levels, if the support at 1.16 is taken out.”
Key Quotes
“The EUR/USD pair suffered an SNB driven slide to finish lower at 1.1618 levels, breaching the support at 1.1637 (Nov. 2205 low).”
“Meanwhile, on the hourly charts, the RSI has recovered from the oversold region, although it still stays bearish at 40.75 levels. The pair could see a minor recovery to 1.6670 levels if it manages to sustain above 1.1637 levels.”
“However, given the bearish RSI, the pair is likely to dip once again towards 1.16 levels. Moreover, the pair is likely to remain weak in anticipation of a weak German and Eurozone CPI print. Thus, the pair risks extending losses to 1.1567 levels, if the support at 1.16 is taken out.”